Mumbai property registrations rise 12% in Dec

Rise in ready reckoner rates each year usually is effective from Jan of next calendar year

Despite slow sales, property registrations in Mumbai and its suburbs (up to Dahisar in the western suburbs and Mulund in the eastern suburbs) saw a 80% month on month increase and yearly increase of 12% to 6916 units in the month of December 2013, according to a new report.

The reason for the jump is that December typically sees the highest monthly registrations in a calendar year due to rise in ready reckoner rates each year effective from January of the next calendar year, the report said, said a report by HDFC securities

For year to date FY 2014, the registrations have grown by 7% YoY to 46,706 units from 43,706 in YTD FY13, led by 24% YoY growth in iIsland city registrations, but muted 4% YoY growth in Mumbai suburbs.