Property deals registration 27 months low in Mumbai

Mumbai: Mumbai real estate market is the biggest property market across the country but according to the reports its slide in August and touched a twenty-seven month low. According to the market experts this is happening due to the rising interest rats and increasing property prices day to day though there is real estate market is facing slowdown.
City’s property registration office in the month of August 2011 came out with the fresh reports that city declined for the twelfth successive month to 4,611 deals, down 25% from a year ago.
However, leasing activity continued to show year-on-year growth of 4% at 8,102 deals, on monthly basis, after a long time, this also saw a drop of 16%.
“Whereas in this month report said that lease registrations have shown a great decline, we would need to see data in the months ahead to see if this is a reversal of the upward trend or just a monthly blip”. On other side real estate broker said that “sales registration is likely to godown due to the monsoon season but in October festive season of Dusshera and Diwali. “Even upcoming projects also have declined due to the downturn in property market in this year” a realty broker said.