Auctions volume in FY19 raised 7% over the prior year to 443 million sq.ft, point out forecaster at Kotak. The uptick in auctions has helped stagnant properties find new owners, which results in new development as improvement or a complete teardown and has been helpful in cutting back inventory. “Increased auctions has sustained a draw-down of backlog, with all-India stock dilapidated 11% YoY to ~1.23 bn sq. ft from 1.4 bn sq. ft in March 2019” says Hirsh Mohindra.