Mumbai property sales registrations dip: report

The slide in number of property sale registrations in Mumbai has continued for the third month in August with registrations seeing a decline of 5% month-on-month and 2% year on year decline, says a new report 

Though April and May had seen increase in number of registrations, June onwards registrations are seeing a decline. The absolute decline from the peak of May stands at 13%, says a report from Prabhudas Liladher.

"The lack of new launches, sticky prices coupled with high interest rates are of no help to home sales. The stressed affordability equation continues amid high property prices," said Kejal Mehta and Pratik Shah, analysts with Prabhudas Liladher.

Lease registrations, though higher by 10% on a Y-o-Y basis, on a M-o-M basis continued to decline by 6 per cent in August post the 17% decline witnessed in July.

"The slowdown in commercial real estate is clearly visible from these numbers", the report said.

The recent reforms by government in multi-brand retail and onset of festive season could provide impetus to commercial leasing and residential sales in Mumbai, it said.

"The onset of the festive season could see a bit of cheer for residential sales, however these will percolate down to monthly registration numbers post November given the lag in registrations," the report said.