As per the Maharashtra state stamps and registration department, in June'11, 4,272 property sale agreements were registered within the city of Mumbai (excluding Thane and Navi Mumbai), a fall of 30% YoY.
This is the lowest figure in the past six months. Between Jan'11-Jun'11, 29,684 property purchase agreements were registered, a fall of 20% YoY. While this does point towards a slowdown in the Mumbai property market, should this 20% fall be a big worry for investors and developers?
Overall, even though the fall in registration volumes till now may not signal a very worrying situation in the Mumbai property market for developers, the demand slowdown may have intensified further in the interim pressurising developers to cut prices when the festive season starts in Oct'11. For this to happen though, the authorities will have to release approvals for the new projects so that supply in the city increases.
You Start checking the official Real Estate Index of India which reflect the TRUE rates rather than the Lobby of Developers and Back Money Goons.
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