Even as the city witnessed a 50% drop in construction projects recently, the number of property registration has gone down drastically.
Even as the city witnessed a 50% drop in construction projects recently, the number of property registration has gone down drastically.
According to the state government data, there has been a descending drift in the purchase of properties.
In January last year, 18,823 properties were registered and a revenue (stamp duty registration fee) of Rs204 crore was collected.
February and March saw 16,764 and 19,455 registrations and a revenue collection of Rs190 crore and Rs265 crore. The figures in April were 20,778 and Rs215 crore, in May 1,8021 and Rs174 crore, in June 19,186 and Rs198 crore, and in July 19,884 and Rs208crore.
However, November witnessed a drastic fall with only 14,681 properties registered with a transaction of Rs151 crore.
Real estate sources said that the slowdown in the market can be attributed to several factors. According to them, now that the Information Technology (IT) boom is over, NRIs are hardly pumping money into properties.
“Also, property prices have gone beyond the reach of the common man. There is a huge demand for residential properties but people are waiting for the prices to come down. The surge in transaction in December last year was a temporary windfall. Most people tend to buy properties then to step into them in the New Year,” he said.
In December, 19,058 properties were registered and a revenue of Rs223 crore was collected. President of Maharashtra Chambers of Housing Industry (MCHI) Sunil Mantri said that transactions will be stable in the near future.
“No drastic ups and downs will happen in the real estate segment. The surge in December 2010 is a good sign. The same trend is likely to remain in the days to come,” he said.
A city developer said that there is a little chance of the real estate prices going down. “Because the costs of construction, sand and labour has gone up. Land owners are not reducing the land prices either. So, builders will have to hold up the current rate even if there is a lukewarm response. The prices will remain stable; they surely will not go down. But we are ready to negotiate - 5 to 10% less than the quoted price. It depends upon the seriousness of the customer,” he said.
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