Housing sales registration up in Mumbai

MUMBAI: Housing sales registration in Mumbai and suburbs has continued to trend higher with 26% year-in-year growth witnessed in January, showed a report from brokerage Prabhudas Lilladher. On monthly basis, however, the number stood 10% lower after witnessing over 42% jump in December.

“The year-on-year growth in sales for the ‘City’ sales & ‘Suburb’ sales was 26% this time around, as against last month (December 2012) where the sales growth came only from suburban Mumbai,” the report said.

Housing sales registrations in Mumbai had risen to a 24-month high in December showing 5% on-year growth. The sharp jump in sales in December was largely attributed to suburban Mumbai that witnessed 51% month-on-month growth, while the island city sales declined 1% reflecting the stressed affordability equation in the city.

Property lease registrations strengthened further in January with 20% year on year growth as correction in lease rentals over the last few months aided an upswing. In December, lease registrations had risen 15% from a year ago led by suburban registrations that saw monthly growth of 50% against a 25% increase in island city lease registrations.