Property sales plummet in Mumbai

“November 2010 has been the first month of decline in the past 17 months,which has been rather sharp at 19 per cent,” a report indicated.

According to the survey report by Prabhudas Lilladher,Mumbai’s real estate sector witnessed a steep decline in the overall registration of properties in November to 14,680 units.

“This is the lowest figure since March 2009,” the report said.

Although the numbers in October 2010 had shown a respite post-weak September numbers,the month of November confirmed a negative trend,it said.

“The caveat for these dismal numbers is that the sales figures could be representative of months that witnessed fewer launches and also the period of ‘Shraadh’,where transactions are usually very few. The assumption here is that there is a time lag of two to three months for registrations,” the report stated.

The pick-up in registrations started in the second half of 2009,with the momentum continuing into the first four months of CY 10,wherein a sharp acceleration in registration was witnessed,it said.

The registrations,in terms of volumes,had reached a peak of 20,735 in April 2010.

With regard to registrations of lease agreements,till October 2010,the growth was holding up in the positive.