Residential Property sales plummet by 70percent in Mumbai

Mumbai:
According to the recent reports country’s flamboyant real estate market has dropped by 70% and that is Mumbai since its peak of 2007. As the high-rise property prices and rising interest has ruined the property market, market experts said.
The report further said that, “unsold inventory levels are estimated to be approximately 27% of the under-construction stock. Also, the investors’ segment which makes up approximately 20% of the market demand has been observed to be actively reducing its real estate portfolio, thereby adding significant shadow supply into the market.”
Whereas, reportedly in Mumbai western suburbs, Navi Mumbai and the outskirts has doubled to nearly 30% in the last one year, though central Mumbai hit the hardest moved to 45percent.