bengaluru for at least the third consecutive year the luxury housing market was the worst performing segment in residential salesdata from property consultancy anarock show that unsold luxury stock homes priced at rs 15 crore and more rose 10 to 89200 units in 2019 in the top 7 cities compared to the year before the value of such stock is estimated to be about rs 16 lakh crore 22 billion which is 34 of total unsold inventorymumbais unsold luxury stock stood at 48970 units new delhis 18400 units and bengalurus 7470 units these three cities contributed the most to the leftover inventory projects in south and central mumbai one of the most expensive micro markets have dried up as buyers of luxury homes prefer readytomovein projectsthe uncertainty and slowness in the economy and a glut of unsold stock has also prevented a price rise in the segment which was the major reason that drew investors between 2006 and 2010 the market was also badly impacted by demonetisation which brought cash transactions to a sudden haltthere is hardly any movement in the category over rs 15 crore ravindra pai managing director of century real estate said we have one project in the cbd area which has about 36 apartments at a price bracket of rs 5 crore while 80 is sold we have not sold anything in the last one and half years we are only focusing on commercial plotted and midsegment he saidwhile luxury apartments comprise onethird of the value of total unsold stock it contributes only 14 to the volumes developers have severely curtailed the supply due to lack of interest in the segment a brigade estates executive said that the company has seen some traction in readytomovein luxury properties compared to under construction ones while we have launched a project in chennai where the apartments cost rs 2 crore each there is nothing planned in bengaluru for the future he saidpankaj kapoor ceo of real estate analytics company liases foras said the category gained popularity between 2006 and 2008 due to the rise of millionaires but came crashing post the financial crisis the segment became absolutely irrational due to the high prices after that also many builders in mumbai built costly apartments in areas which were surrounded by slums buyers paying a fortune demand something special and exclusive he said