Hopes of recovery in home sales data
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Home registrations in 2012's first 11 months have stayed at more or less the same level as in the corresponding period in 2011. Registrations had dropped 23 per cent in Jan-Nov 2011 as compared to Jan-Nov 2010.
The city saw 52,009 property registrations up to the end of November, only 1,376 fewer than the 53,385 during Jan-Nov 2011, according to data from the director-general of registrations.
"This is being seen as a revival by the industry, which has witnessed poor home sales due to the rising costs of land and construction, and delays in project approvals," said Paras Gundecha, president of Maharashtra Chambers of Housing Industry (MCHI)-CREDAI.
Ramesh Nair, managing director, West, Jones Lang LaSalle India, said, "In 2012, Mumbai's residential real estate market showed signs of revival after nearly 18 months of sluggishness, driven by increase in demand and steady pricing. The best-performing submarkets were Parel, Wadala, Dadar (E), Sewri, Chembur and Tilak Nagar."
While developers said affordable prices and new project launches seemed to have attracted buyers, real estate consultants said those who had postponed their purchases in 2011 expecting a correction, seemed to have entered the market.
During the festival month of October, house sale registrations fell to 4,115 from 4,500 in September, but showed an uptick in November, signalling a recovery. Monthly registrations went up six per cent during November compared with nil in October, the data shows. Registration figures may have risen also due to the fact that buyers who booked or finalised their homes in October chose to register them later.
Gundecha said, "Many buyers were sitting on the fence, hoping for an opportunity to enter the market. Although property prices have not dropped, these buyers have found attractive and affordable projects to make a buying decision."