Realty bites Mumbai, high prices cut October registrations by 8.5%
In September, registration figures had remained flat compared to August, as buyers delayed purchase decisions on hopes of offers and new project launches around the festive season. However, that did not happen. "Transactions in Mumbai and Delhi have slowed down and registration numbers are a reflection of that," says Om Ahuja, chief executive officer (residential services), Jones Lang LaSalle India, a real estate consultant. "While the transaction amounts have increased significantly, affordability is becoming a challenge in these cities."
On a year-on-year basis, sales registrations saw a decline of 11% in October, data sourced from Director General of Registrations, Mumbai, show. Also, new launches have been below market expectations over the last two months. According to market estimates, less than 5 lakh square feet of supply has hit the road, with a handful of projects getting launched.
Some of the residential project launches include a project by Lodha Developers in Parel and Bombay Realty in Dadar. Omkar Realtors and Developers launched a project called Alta Monte in Malad (East) in the western suburban area.
"Pre-launch sales in projects have seen some movement now as people get about 20-25% benefit in prices at pre-launch stages of projects. Also, end-user
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