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Housing Registration down 10.5% in Mumbai in April – Report

The impact of a new government is yet to be felt by the Real Estate sector in terms of actual sales, but enquiries have increased, Karvy Stock Broking said.

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It noted that in Mumbai & Suburbs, housing registration fell 10.5% in April compared to March, and is down 20.2% compared to April last year.

“This is 4th Month of continuous YoY de-growth since Dec-13 which saw a 11.7% YoY growth in registrations. Whilst the strong mandate to the new Government in May-14 is reflecting in stock price outperformance the sales momentum is yet to catch up and reflect upon the property registrations,” it said.

“Apr-14 data has been dismal and our channel checks suggests improvement in new sales from 2HFY15E with the onset of festive season and new launches hitting market… inquiries has gone up post the election outcome though the conversion is still taking time. The collective wisdom of brokers, channel partners and real estate property consultants is pointing towards a recovery during 2HFY15E on back of new launches.”

Western India continues to be the worst affected by the Real Estate slowdown.

Western India sales are down almost 35-40%), while in National Capital Region, sales are down 25-30%.

“The only sweet spot is Southern India which is seeing a 10-15% growth in new sales YoY.”

In value terms the sales would remain 20-25% lower for Western & Northern India YoY whilst new sales order book will be a 10-15% growth for Southern market year on year.

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