Mumbai property deals registration continues to slide, down 25% in August at 27 month low
Property registration in India's biggest real estate market Mumbai continued its slide in August and touched a twenty-seven month low.
By ET Bureau | Updated:
MUMBAI: Property registration in India's biggest real estate market Mumbai continued its slide in August and touched a twenty-seven month low. This drops comes in the backdrop of rising interest rates and real estate prices which hasn't seen any significant correction despite the slump.
In August, property registration offices in the city declined for the twelfth successive month to 4,611 deals, down 25% from a year ago, said brokerage Prabhdas Lilladher in a report.
Although leasing activity continued to show year-on-year growth of 4% at 8,102 deals, on monthly basis, after a long time, this also saw a drop of 16%.
“Lease registrations have shown a sharp dip this month, we would need to see data in the months ahead to see if this is a reversal of the upward trend or just a monthly blip,” the report said.
Sales registration is likely to remain low in September as monsoon is usually a slack period for property market, and it will be interesting to get an update around festive season of Dusshera and Diwali, a realty broker said.
However, brokers also added that new launches that are likely to be lower this year may revive the market only if any meaningful discounts are offered.
In the past two quarters, property prices in some localities and specific projects of Mumbai have seen a drop of about 5-10%. However, prices are still in not in affordable zone given the rising interest rates that is making buyers delay their decision making.
In August, property registration offices in the city declined for the twelfth successive month to 4,611 deals, down 25% from a year ago, said brokerage Prabhdas Lilladher in a report.
Although leasing activity continued to show year-on-year growth of 4% at 8,102 deals, on monthly basis, after a long time, this also saw a drop of 16%.
“Lease registrations have shown a sharp dip this month, we would need to see data in the months ahead to see if this is a reversal of the upward trend or just a monthly blip,” the report said.
Sales registration is likely to remain low in September as monsoon is usually a slack period for property market, and it will be interesting to get an update around festive season of Dusshera and Diwali, a realty broker said.
However, brokers also added that new launches that are likely to be lower this year may revive the market only if any meaningful discounts are offered.
In the past two quarters, property prices in some localities and specific projects of Mumbai have seen a drop of about 5-10%. However, prices are still in not in affordable zone given the rising interest rates that is making buyers delay their decision making.
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