30% drop in Mumbai’s property registration

Increasing interest rates, excess supply and mounting prices of real estate leads to 30% fall in Mumbai’s property registration in April 2011. According to the Maharashtra government’s stamp duty and registration offices reports this drop is higher than the previous two fiscal years.
According to the property brokers grim era is ahead market situation can change at any time as the sale deed registration has decreased by 16% and enquiries are also going downward in the previous month, connecting to the following previous nine months.
Whereas developers and buyers were expecting increase in sales on the occasion of Gudi Padwa festival as it considered an auspicious occasion for buying asset. But on other hand real estate markets conditions are going worst day by day as rising interest rates, decline in demand, increasing property rates and the biggest hurdle which is pushing buyers to the back is civic bodies are deterring forthcoming projects.
And this is not end here Reserve Bank of India (RBI) has added fuel into this crisis by hiking interest rates nine time in the last 12 months including the recent 50 basis points hike in repo rate taking the cumulative rate hike to 100 bps since January.