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Property registrations in Mumbai and its suburbs have seen a 14% growth on a yearly basis in the first four months of financial year 2014, said a new report.
The city and its suburbs saw a registration of 22,160 units in April-July period of FY 2014 as against 19,980 in the corresponding period of previous financial year. The city registrations saw 24% growth on a yearly basis while suburbs grew by 8%, a said a report from HDFC Securities.
The brokerage said the growth came due to improved sales in the region in FY 2011-13 in the aftermath amended development control regulations in Mumbai. Normally, registrations numbers come with a lag effect of 3-4 months as buyers take that much time after buying the properties.
The registrations in July were up three% on a month on month basis and up four% on year on year basis, HDFC securities said.
"We retain our view that registration numbers may continue to see 15% YoY improvement in FY14 as apartments sold in FY11-13 (new launches and re-launches) under the amended DCR continue to see registrations," said Adhidev Chattopadhyay, an analyst with HDFC Securities.
"At the same time, we expect fresh sales/transaction volumes to remain tepid as developers continue to hold prices in the face of deterioration in volumes. We maintain our view that with the developers not officially trimming quoted prices across projects; investors will continue to account for the bulk of sales across new launches.," Chattopadhyay said.
