Home registrations hoping to recover
Home registrations have dropped by 23 percent in Jan-Nov 2011 as compared to 2010. But in the first 11 months in 2012 the home registrations remained more or less in the same level as in the corresponding period in 2011.
According to the director-general of registrations, this year the city saw 52,009 property registrations up to the end of November, only 1,376 fewer than last year.
The Mumbai real estate market has witnessed poor home sales due to increasing price of construction, land and delays in project approvals. Ramesh Nair, managing director, West, Jones Lang LaSalle India, said that after 18 months of sluggishness driven by increase in demand and steady pricing in the residential real estate, it showed signs of revival.
Areas like Wadala, Dadar (E), Tilak Nagar, Parel and Chembur were some of the best performing submarkets. Real estate developers said that new launches and affordable prices have attracted home buyers. Property buyers who have postponed their purchase in 2011 expecting a correction, have entered the real estate market.
In September, the house sale registration was 4,500 which fell to 4,115 in October, but in November there was an upward graph in the registration. May be the registration rose due to the fact that home buyers who booked or finalised their homes in October chose to register them later. Many buyers were waiting for the right time to enter the real estate market.
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