Home prices in Mumbai are headed for a sharp correction, while others may remain stagnant due to rising unsold stock, says a report from Bank of India Merrill Lynch.
The unsold inventory in the megapolis is the highest in the last nine quarters and will take at least 13 quarters to exhaust, says the report.
Mumbai saw 1,700 units sold in third quarter of 2011 as against the total launch of 3,000 units during the quarter.
Image: A vehicle drives past residential buildings in Mumbai.
Text: Business Standard