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Downtrend continues for Mumbai real estate

Prabhudas Lilladher | 19 Apr, 2011  | Follow Author | Add to my Favourites 
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Downtrend continues, seasonal bounce in March:

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Sales registrations for the month of March for Mumbai are down 30% y-o-y, although on a higher base of last year. However, numbers for the month of March are 24% higher than the lows witnessed in February 2011, and 15% higher than January 2011 numbers.

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The strong momentum we have been witnessing in lease volumes has continued into March as well. Lease volumes are at a new high, recording 9,603 this month. This month’s record volumes reiterate that continued stress on affordability is causing a deferral of purchases.

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Also, a visit to the recent MCHI exhibition points towards a subdued response from the customers to the high prices on offer. Contrary to expectations, prices for projects nearing completion have increased by 5- 10% since the last exhibition (from Oct 2010). A reduction in prices has not been seen even in projects that are 3-4 years away from completion.

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Overall the sales trend, as seen from the 3‐month moving average sales registrations, continues to remain down. Suburb sales have fallen 34% y-o-y for the month of March, although, on a higher base of last year. On the other hand, this month, city sales have fallen 5% y-o-y. Overall, both city and suburb sales witness an 11% and 16% seasonal bounce from their January lows.

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About Prabhudas Lilladher

Prabhudas Lilladher has a nationwide distribution network, consisting of branches, franchisees and associates, providing a comprehensive gamut of financial services in the Institutional and Retail domain. Their services includes Equity, derivatives; margin funding, mutual funds, PMS, IPOs and online trading.

 

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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