Source: Indian Express


The survey has also found that percentage of unsold under-construction apartments under Rs 35 lakh in the city is 25 per cent. The property survey was jointly done by Knight Frank Research and Indicus Analytics. The survey was based on information and analysis of residential, commercial and retail real-estate market across seven major metropolitan regions of Mumbai, the National Capital Region(NCR), Kolkata, Bangalore, Hyderabad, Pune and Chennai. The results showed that 28 per cent of properties under construction within the 7 urban centres cater to people looking for homes within a range of Rs 30-40 lakh. Contrary to the market belief that all or most of apartmets have been sold, the research revealed that 44 per cent of the housing units remained unsold. Gulam Zia, national director, research and advisory services at Knight Frank India, said, the real estate sector is plagued with "incomplete and unreliable information'' and the mapping of the real estate market has yielded the new results.