New property launches in Mumbai slowed down
In the Jan-Mar 2013 quarter, Mumbai has witnessed a slow down in the property launches.
If sources are to be believed, then it was less than the Oct-Dec 2012 quarter launches which may be due to festivals like Diwali.
As per research firm Liases Foras, in the Oct-Dec 2012 quarter, all over India including Mumbai saw maximum number of launches. While in Jan-Mar 2013 quarter, the launches in Mumbai have been well below the number seen in the Oct-Dec 2012 period.
Sales have been less in this quarter and thus, developers are not coming up with new launches. As per Cushman & Wakefield report, developers had launched many projects during the festive season in the Oct-Dec 2012 quarter.
Suburbs like Borivali, Kandivali and Dahisar witnessed a number of launches in the high-end segment. Also, Central and Far North Mumbai was not behind. This sector saw launches in the form of slum rehabilitation projects.
Many new launches were seen in Thane, Andheri (East), Borivali (West), Khar (West), Kandivali (West) and Powai.
Around nine high profile projects were launched during the Jan-Mar 2013 period. These launches include L&T Realty’ Emerald Isle at Powai, Nirmal and Videocon’s Sports City in Thane, Kumar Builders’ KUL Palladio in Andheri (East), IZARRA in Khar (West), etc.
Also, it has been maintained that the Apr-Jun 2013 quarter is expected to witness more launches and property sales in Mumbai due to Gudi Padwa.
Also, most part of the previous year witnessed slump in the real estate market. However, December 2012 saw a substantial recovery in home sales registrations.
But according to the market experts, the rise in property registrations was only due to marketing gimmick and not a sign of revival.
As per data from the Director General of Registrations, a total of 6,193 registrations of properties in Mumbai were made as compared to 4,370 in November and 4,115 in October. However, total house registrations in 2012, however, remained lower at 58,202 as compared to 58,422 in 2011.
According to MCHI-CREDAI, there was always a good demand for properties in Mumbai but buyers having an instinct that property prices will go down made them step back. Now, with property prices remaining rigid, those who have been sitting on the fence, have finally started buying property.
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