Property in Mumbai
After touching the nadir in November, property sales registration in Mumbai records resounding upswing in December 2013 as buyers showed renewed interest in the financial capital of the country. The numbers in the month were the highest as compared to the same period in the last three years that too after the market touched five years low point in the preceding month. Registration numbers recorded remarkable surge touching 6,916 in December, and 11.7% year-on-year basis showed data sourced from Director General of Registrations, Mumbai whereas in November 2013, the numbers plunged to 3,842. 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. However, in 2013, aggressive pricing by realty developers and more new launches aided higher sales, said an avid market watcher.

The stats reflected brisk sales momentum in the metropolitan city during September and October as many new projects were launched at aggressive prices, which were received well by customers. The prices in newly launched projects have been 25%-30% lower than the readily available stock in the market. Generally, pricing in new projects come at around 20% discount to the projects which have ready flats for possession. However, that discounting factor has gone up to about 25-30% depending on the project and location. For instance, the Lodha Developers offered a pricing of Rs 22,000-23,000 per square feet for its Park project in Lower Parel in the heart of central Mumbai at a time when some projects had flats ready for possession commanding rates upwards of Rs 30,000 per sq ft. For its other project called New Cuffe Parade in Wadala, the company was offering prices at around Rs 15,000 per sq ft, while ready apartments commanded upwards of Rs 20,000 per sq ft, say sources.