Property registrations in Mumbai go up by 26% in January
The booking of properties in Mumbai has witnessed a rise of 26 percent in January this year. As per reports, sales registration of properties have gone up.
However, if month by month analysis has to be done, then the growth was merely 10 percent higher than the previous month, December. In that particular month, a growth of over 42 percent was witnessed in sales registration as against November.
The clear impact of new launches like Lodha’s Blue Moon and Bombay Realty’s Island City Center has further helped in the hike in registration process and will also push the number in the 2nd quarter of 2013.
The growth of sales in the form of sine wave can be witnessed in the performance of the real estate companies in Mumbai during the October-December quarter of 2012.
Developers like Oberoi Realty and India Bulls Real Estate have got their sales better than their counterparts in Delhi NCR.
As per reports, Oberoi group has witnessed a 32 percent hike in net profit to Rs 134.46 crore from the sales which rose to 42 percent to Rs 308 crore. India Bulls has also witnessed a significant hike.
Furthermore, lease registrations have also gone up by 13 percent. The year by year analysis also shows a hike of 20 percent. Leasing activity has improved with the improved lease of apartments for rent in Mumbai.
However, according to a developer in the city, these numbers can not be taken seriously as while sales were going on last year, registrations did not happen. This can be due to freeze on approvals a year ago.
The rates of properties have gone so high that it has been ensured that 1-2 percent price hike can be witnessed in the luxury segment in the next two years. Also expected is a 0.5 percent growth in Mumbai rates which is due to a positive growth in the city.
The investors in luxury residential market in Mumbai are domestic high net worth individuals. It is also expected that the investors and developers can take this percent to 5 in coming years.
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