Property sales in Mumbai witnessing a negative growth
In the first two quarters of 2012, Mumbai, India’s financial capital has been witnessing a downward trend in property sales’ front.
Even purchase and buying activity is not going good either.
From January- May 2012, experts have said that people are looking for a more subtle way like fixed monthly lease rent than buying a new house. They are not ready to pay equated monthly installment due to changing interest rates and market conditions.
Areas like Colaba, Sion and Mahim have seen a drastic downfall of 9.44% of sales and purchase agreements and rise of 10.36% of leave and license agreements in the month of January – May.
Even regions like Borivli, Goregaon and Dahisar are not far behind the race. A 16.45% fall was recorded in the sales and purchase agreements where as 18.56% rise of leave and license agreements.
Experts have to say that realty sector is taking a downward trend as rates have gone up due to no new approvals and buyers are interested in leave and license agreements than new flat purchases.
To read more real estate news:
Real estate in North Mumbai is growing
Absorption rate of Mumbai property is low
Source: Business Standard
Borivli, Colaba, Dahisar, EMI, Equated Monthly Installment, fixed monthly lease rent, Goregaon, leave and licence agreements, Mahim, Mumbai, Property sales, Property sales in Mumbai, Real estate in Mumbai, Realty News, sales and purchase agreements, Sion
[...] Property sales in Mumbai witnessing a negative growth [...]