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Mumbai property sales registrations continue to fall

Live Mint
The slide in Mumbai sales registrations started in June and has continued in August. Photo: HT.

The slide in Mumbai sales registrations started in June and has continued in August. Photo: HT.


Bangalore: Mumbai property sales registrations declined for the third month in a row, as developers launched fewer projects and approvals for a large number of projects are still pending.



A 21 September note by brokerage Prabhudas Lilladher Pvt. Ltdsaid that the slide in Mumbai sales registrations started in June and has continued in August. August saw a 5% month-on-month (m-o-m) decline and a 2% year-on-year (y-o-y) drop. The absolute decline from the peak of May stands at 13%.
The lack of new launches and sticky prices coupled with high interest rates have depressed home sales, analysts Kejal Mehta and Pratik Shah said in the report. “The stressed affordability equation continues amid high property prices.”
Property analysts are counting on the onset of the festive season to bring a bit of cheer to residential sales in Mumbai.

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