Mumbai - Registrations + Pricing Data

New property registrations for March 2009 in Mumbai rose 30% MoM (down 33% YoY), possibly the first real MoM increase since October 2008. In FY09, total registrations were 45,580, 30% less than in FY08.
The sales pick-up has come in earlier than our forecast of Q3/Q409 though we did expect the stocks to re-rate earlier. We still think existing inventory will be cleared only by Q3/Q409 if price cuts continue.

Property prices in Mumbai between 2003 and 2009 is as follows,