Property sales registrations in Mumbai for October fell 25% at 4,633 from the previous year, according to the data sourced from the Director General of Registrations, Mumbai. There were 6,200 registrations in October 2010, data released by Mumbai-based brokerage Prabhudas Lilladher showed.
The sluggishness in the Mumbai real estate sector is evident from the fact that despite October being the festive season, home buyers stayed away from the market. ?Sales are not happening,? said Thirumal Govindraj, head-western region, CB Richard Ellis South Asia. ?Registration numbers are more of a reflection of the secondary market, which constitutes ready apartments. A flat will be registered once the projects reach completion,? he said.
?Sales registrations have continued to languish at around 4,500 level for the last few months on the back of a worsening macro-economic environment for the real estate sector,? said Kejal Mehta, an analyst with Prabhudas Lilladher.
In terms of lease transactions, October numbers stood at 8,106, an increase of 23% compared to October 2010. ?But lease registrations have slowed down to around 8,000 levels from the over 9,500 level seen in March-July 2011,? said Mehta.