India's business capital Mumbai’s real estate market, which was in the doldrums for a while now, has suddenly sprung back to life.
Property registrations an indicator of house sales trend in December, 2011 rose 45% over November, (2011) first time in almost a year. And even on a year on year basis, the number dipped about 9% only, against an average 25-30% fall seen during the last one year
In 2011 December, the registrations rose to about 5,900, while for almost a year, registrations stayed at just above 4,000.
Given the fact that builders came up with fewer launches during the festive seasons (Devapalli, New Year etc), higher transactions in the secondary market could have led to these better than -expected sales registrations.
Mr. Ramesh Nair, MD (West India) Jones Lang LaSalle India said, “The Mumbai market is showing enough signs of bottoming out. Buyers who were on the sidelines are now in a decision making mode as interest rates are expected to taper off. Compared to August-September (2011), developers are now ready to negotiate"
Property registrations an indicator of house sales trend in December, 2011 rose 45% over November, (2011) first time in almost a year. And even on a year on year basis, the number dipped about 9% only, against an average 25-30% fall seen during the last one year
In 2011 December, the registrations rose to about 5,900, while for almost a year, registrations stayed at just above 4,000.
Given the fact that builders came up with fewer launches during the festive seasons (Devapalli, New Year etc), higher transactions in the secondary market could have led to these better than -expected sales registrations.
Mr. Ramesh Nair, MD (West India) Jones Lang LaSalle India said, “The Mumbai market is showing enough signs of bottoming out. Buyers who were on the sidelines are now in a decision making mode as interest rates are expected to taper off. Compared to August-September (2011), developers are now ready to negotiate"
No comments:
Post a Comment