Despite a slowdown in the economy, the Mumbai real estate market saw a 16% increase in property registrations in the first half of calendar year 2013 over the same period last year, data sourced from Director General of Registrations, Mumbai, showed.
There were 34,588 registrations between January and June 2013 against 29,773 done last year, signalling an uptick in property sales. Supply coming back into the market, quicker approvals for projects and developers offering discounts and freebies on bookings seem to be factors having a positive effect on the property absorptions in the metropolis, albeit at a very slow pace.
Sales in the Mumbai market have been sluggish for the last 12-18 months as a change in the development control rules, coupled with increasing liquidity pressures being faced by developers had hit the market.
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