Property sales registrations in Mumbai have remained at 4,858, up a mere 0.06% year-on-year in February 2014, data sourced from Director General of Registrations, Mumbai, shows.
On a month-on-month basis, the registrations have suffered a decline of about 11.4% in February, but numbers are still holding strong compared to 2012 and 2011, suggesting buyer sentiment towards Mumbai property market is stabilising.
There seems to be a slight upswing in property buying sentiment in Mumbai in the last two months, as the registration numbers have shown improvement.
January numbers at 5,483 were much higher compared to registrations seen in January of 2012 and 2011.
For the full calendar year 2013, property sales registrations were up 3.5% to 64,087 on a year-on-year basis.
Developers have been saying that the property registration numbers have been comforting, as there is no major fall in the figures.
In December 2013, 6,916 property sales registrations were made, highest compared with the same period for the last three years.
Traditionally, the December registration numbers are higher, as customers rush to register their properties before the ready reckoner (RR) rates are revised on January 1 every year, and also pending registrations are done by customers.
However, in 2013, some element of aggressive pricing by realty developers, and more new launches also aided in higher sales.
Property prices in Mumbai have historically been high, however, the capital prices in the Mumbai region have stabilised in the past year, the latest findings of property portal 99acres.com show.
According to this report, in Mumbai, the per square foot prices of residential property have remained unchanged in the three months of October to December 2013 compared to July to September 2013.
Key localities in Mumbai like Worli, Breach Candy, and Mahim (West) have seen an increase of only 2% during this period.
The investor sentiment towards real estate has also improved over the last one year.
Private equity (PE) investments in Indian real estate have increased 13% in 2013 with the total inflows during the year at Rs 7,000 crore ($1.2 billion), compared to Rs 6,200 crore in 2012 ($1.1 billion), says a report from Cushman and Wakefield, global real estate consultants.