Mumbai-based realty developer, HDIL, had a Rs 12043-crore inventory last financial year, while its net sales stood at Rs 1025 crore, implying an inventory-to-sales ratio of 12:1.
HDIL is not alone; Mumbai's residential market, the biggest in the country in value terms, is seeing an unusually high unsold inventory level.
About 130000 of the city's 29000 under-construction residential properties (45 per cent) are lying unsold due to weak demand and high prices, shows a report released by global property consultant Knight Frank on Tuesday.
Text: Raghavendra Kamath, Business Standard
Images: Reuters, PTI