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A recent report by global property company Knight Frank has found that real estate volume sales are at its lowest since 2007 in Mumbai. The unsold inventory makes up 40 percent of the units in Central Mumbai, the area hit the hardest in the downturn.
Many potential investors have avoided commercial real estate purchases in the area because they are expecting a significant drop in prices very soon, according to the report. Total property registrations are down 20 percent for the last six months, compared to the same timeframe a year ago.
"Consequently, unsold inventory levels have been steadily rising since first quarter of financial year 2010-11," Samantak Das, national head research at Knight Frank said in the report.
Developers have also been willing to reduce prices by up to 20 percent in return for a significant payment upfront. However, price levels have been somewhat resilient in the face of the selling downturn, but some experts believe it is only a matter of time until they begin to fall.
