Mumbai home sales observe a slight fall
Home registrations in Mumbai, in H1 of 2012, have seen a marginal fall of 3.4% compared to the same period last year, whereas in H1 of 2011, home registrations had seen a steep fall of 22% against H1 of 2010.
This data shows some signs of progress in the Mumbai residential property market on a year-on-year basis. Though, the market is still far from being said to be reviving when compared to 2010.
Pankaj Kapoor, founder and managing director of Liases Foras, said that the market situation of Greater Mumbai is bad. The slight improvement that has been seen in some months of the year is because sales in extended suburban areas are better. Even secondary properties are seeing some sales and this is also reflected in the registration numbers.
There have been no approvals for new projects in Mumbai for the last 18 months, which restricted supply of new homes in the market, said Lalit Kumar Jain, president of Confederation of Real Estate Developers Associations of India (CREDAI).
To read more real estate news:
Mumbai sales market stagnates in June
How to buy or sell a house on loan
Source: The Indian Express
Confederation of Real Estate Developers' Associations of India (CREDAI), Greater Mumbai, Home registrations, Liases Foras, Mumbai, Residential property market, secondary properties, Suburban areas
