MMR property sales slump over 50%
According to a recent report by property consultants PropEquity, the property sales across the Mumbai Metropolitan Region (MMR) have witnessed a fall of more than 50 per cent.
In the first quarter of 2012, absorption of residential property has fallen to 11,473 units compared to 27,676 units in Q1 of 2011.
The total residential supply between January and March 2012 was 89,461 units, out of which only 11,473 units were sold, which means that less than 13 per cent of the total stock was absorbed.
Navi Mumbai has recorded a 65 per cent dip between January and March 2012 compared to the same time in 2011. Sales within the municipal limits of Mumbai have dropped by 57 per cent, while in Thane by 53 per cent.
On a national level, rates in Delhi-NCR, too, have plunged by more than half with Gurgaon being responsible for most of the drop while Bangalore has registered a comparatively lesser dip, 18 per cent, in the first quarter compared to same period last year.
To read more real estate news:
Builders hire specialized profiles
Revenues of realty firms witness downtrend
Source: Indian Express
65 per cent dip, Delhi NCR, Gurgaon, MMR property sales, Mumbai Metropolitan Region (MMR), municipal limits of Mumbai, national level, Navi Mumbai, PropEquity, Residential property, Thane
[...] MMR property sales slump over 50% [...]