MUMBAI: Property sales registrations in Mumbai, the country's hottest real estate market , rose to a 24-month high in December reflecting the impact of festive season bookings, showed a report from brokerage Prabhudas Lilladher.
The registration number rose 42% month-on-month and 5% from a year ago. "Although the festive season was touted to be fairly dull in terms of launches and offtake, the low base of the previous months reflects a surge," the report said. The sharp jump in sales was largely attributed to suburban Mumbai that witnessed 51% month-on-month growth, while the island city sales declined 1% reflecting the stressed affordability equation in the city.
Lease registrations too grew 15% from a year ago and 47% on month, again led by suburban registrations which saw monthly growth of 50% against a 25% increase in island city lease registrations. The demand for leasing is prevalent at particular price point and hence, rental yields have witnessed significant contractions, the report added.