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Mumbai’s Property Sales Decline By Over 6% Year-On-Year

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Year-on-year biannual data of property registrations done in Mumbai shows a 6.39% decline. In 2022, between January and June, a total of 66,760 agreements for sale were registered with the Department of Registration and Stamps. On the other hand, during the first six months of 2023, which is up to June 30, 62,492 agreements for sale were registered.

In June 2023, a total of 10,319 property sale agreements were registered, as per data available from the state government. The previous June, 9,919 agreements for sale were registered in Mumbai.

Brokers, and consultants remain upbeat

Despite the decline in property registrations, real estate consultants and brokerage firms continue to be upbeat. They have been terming the recent sale of properties as a “bull run” of sorts and it being at an all-time high. However, a look at the 2023 property registration data shows a contradicting picture.

“Those who are into marketing and sale of properties will always try to portray a rosy picture of the industry, because their agenda is simple – to push more sales for their company to maintain a growth trajectory,” said an industry player in confidence.

“If the market is too buoyant and the demand as projected by the real estate consultancy firms, why for years is there stagnancy in the property prices?” questioned the same individual.

“Price of a product or service is directly dependent on the interaction between demand and supply. With such a heightened demand, the property prices should have increased month-on-month, but that is not the case despite the inflationary pressures that the Reserve Bank of India’s Governor himself has been categorically pointing out, repeatedly.”

Inflation, increase in home loan interest rates have hit market

Overall, in the recent past, the real estate market has witnessed a few headwinds impacting the sale such as inflationary pressure, increase in home loan interest rates, higher stamp duty rate, layoffs, etc.

At every repo rate or interest rate hike announced by the RBI, it is widely known that the real estate industry stalwarts have been presenting itself as upset and coming up with statements that it will impact property sales. Yet, within a few days, they contradict their own statements by mentioning the sales continue to be robust and at an all-time high.

Maharashtra

Govandi is changing: Successful Talent of Govandi Festival filled with children’s artistic talents

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Govandi: With the aim of changing the negative image of Govandi, notorious for drug addiction and crime, and providing a bright future for the children here, the Abu Asim Azmi Foundation, led by local MLA Abu Asim Azmi, has taken a big step. The foundation recently successfully organized the “Talent of Govandi Festival”, which was going on for the past one month.

The festival organized various competitions related to education, sports, skills and talents. Thousands of children from Govandi, Mankhurd, and Shivaji Nagar enthusiastically participated in more than 17 competitions, including singing, dancing, drawing, speech, mehndi, recitation, naat, handicrafts, rangoli, carom, boxing, cricket, volleyball, badminton, karate and poetry. The children performed brilliantly by showcasing their talents and hard work. The new and hidden talents of Govandi were introduced not only locally but also internationally. On this occasion, those IAS officers who added to the glory of Govandi were also honored. MLA Abu Asim Azmi, motivational speakers Sir Awadh Ojha and Sana Khan, and social media influencer Faizo among other dignitaries were present at the event. All of them encouraged the children and gave them prizes. The main objective of the festival was to encourage children to stay away from drugs and choose a better life and make their future bright, through which the talents of the children of Govindi were introduced to the whole world.

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Maharashtra

Accused wanted in Madhya Pradesh murder arrested after 7 years from Dhoni

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Mumbai: Paidhoni Police Station has traced the accused who was absconding for 7 years in a murder case in Madhya Pradesh and handed him over to the Madhya Pradesh Police. 6 November
‎From Katni district of Madhya Pradesh, Police Sub-Inspector Rishabh Singh Baghel, Dilip Kaul of Barhi Police Station informed Paidhoni Police that a case has been registered under sections 302, 294, 323, 324, 506, 147, 148 of the Indian Penal Code at Barhi Police Station, Katni district, Madhya Pradesh. The accused in this case is wanted for the last 7 years and is still hiding in the limits of Paidhoni Police Station in Mumbai, help has been sought from the police to trace him. This was informed to Hon. After which the higher officers were informed about this and the above wanted accused was searched and he was detained from the footpath near Balgi Hotel, P.D. Melo Road, Masjid Bunder East, Mumbai. Later he was brought to the Paidhoni Police Station and interrogated regarding the crime. Since there was evidence of his involvement in the crime, the said accused was handed over to the police team at the above police station, district. Katni and they took him to the Barhi Police Station. Where further investigation is underway. The accused has been identified as Raja Ram Ramadhar Tiwari, 35 years old. With the cooperation of the Mumbai Police, the Madhya Pradesh Police solved the case and the wanted accused has been arrested on charges of murder.

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Maharashtra

Anti-Narcotics Cell ANC arrests drug dealer Akbar Khao in major operation

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Mumbai: Anti-Narcotics Cell ANC Ghatkopar has claimed to have arrested drug dealer Mohammad Shafi Sheikh alias Akbar Khao on charges of drug trafficking. MCOCA was applied to him in the police station for drug trafficking and he was released on bail. Despite this, he used to supply drugs. ANC had arrested an accused in a drug case. During his investigation, it was revealed that Akbar Khao was a fugitive in this case. His details were known and clues were found. He is hiding in Odisha, after which the police arrested him from Raj Gangapur Sundergarh. A total of 15 cases have been registered against Akbar Khao, including NDPS Act and various crimes. Two NDPS Act cases are registered in VB Nagar. ANC has 2 NDPS drug trafficking cases, a total of 18 cases have been registered. The ANC has arrested two accused in this case and also seized drugs worth Rs 12 crore. This operation was carried out by ANC DCP Nunath Dhole on the instructions of Mumbai Police Commissioner Deven Bharti.

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