Mumbai realty sales plunges by 9% Mar2011- Mar12, survey report

By Accommodation Times Bureau

Mumbai: Mumbai’s realty market is not doing well over the past year, whereas slowdown is till continue in the current fiscal year. According to the property market research report says market has witnessed of negative growth of 9.1% in the first quarter of 2012.
Recently, the Knight Frank Prime Global Cities Index survey report reveals that “in the first quarter of 2012 value of prime properties in world’s key cities fell by 0.4%.” This represents the index’s first quarterly falls in the depths of the global recession. Whereas, till the March 2012 overall the index rose by 1.4percent.
While explaining to the current scenario of realty sales plunge, Knight Frank said numerous repo-rate revisions by the Reserve Bank of India, which led to the upward revision of mortgage rates, inflationary pressures, affordability and high prices, coupled with regulatory pressures, impacted end-users.
There several factors such as affordability can also to succor to stand up sentiments with additional interest rate-cut. But the very important factor to boost the sales is customer’s confidence which is low in the present time. Due to slowdown in economy homebuyers are losing their confidence in property market, survey report said.

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