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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

Mumbai: Harassment of ordinary Muslims in the name of Bangladeshis should stop, Abu Asim makes serious allegations against the government over Home Minister Amit Shah’s statement

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abu azmi

Mumbai: Maharashtra Samajwadi Party leader Worker Assembly Abu Asim Azmi criticized the statement of Home Minister Amit Shah and said that it is the responsibility of the Home Minister and the Central Government to take action against Bangladeshi and Pakistani infiltrators. The population of Muslims in India has increased due to Bangladeshis. This is completely wrong. The residents of West Bengal and ordinary Muslims are being targeted under the guise of Bangladeshi and Pakistanis. He said that the government is yours in many states and at the center, so how do Bangladeshi infiltrators enter from the border? What action has the government taken against those who forge their documents so far? He said that targeting Muslims under the guise of Bangladeshi should be stopped, just as Karat Soumya is trying to fake the certificates and documents of every Muslim and is targeting Muslims. He said that the government should pay attention to how Bangladeshi infiltrators infiltrate from the Indian border. This is not the job of Congress, SP or other parties. It is the job of the government to take action against Bangladeshi and Pakistanis and to bring them to justice. But Muslims should not be harassed or disturbed. He said that action is being taken against those officers who are preparing documents for Bangladeshis.

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Mumbai Press Exclusive News

Crores of rupees were defrauded in the name of government jobs, the accused was arrested from Delhi… The accused had received money from hundreds of unemployed people

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Mumbai: The Mumbai Economic Wing has claimed to have arrested the accused in a case of cheating in the name of getting government jobs in the central and state governments in several districts of Maharashtra. Santosh Ganpat, a businessman from Navi Mumbai, filed a complaint that the accused Nilesh Kanshi Ram Rathore had charged him Rs 5 lakh for a government job and Rs 5 to 15 lakh for medical tests and appointment letters. The EOW has registered a case against him because he has cheated him of Rs 2.88 crore by promising him a job and during the investigation it was revealed that he has cheated him of Rs 10 crore. The Economic Wing has formed a team to arrest the absconding accused and searched him in Akola and other areas. The accused cheated hundreds of youths for recruitment in RCF in 2022. His complaint was filed with the EOW. The EOW received information that the accused was trying to escape from Delhi, on which the police arrested him from Delhi. The accused has been booked in Mumbai EOW and Pune Deccan. A criminal case has been registered and further investigation is underway. This operation has been carried out under the leadership of EOW chief Nisht Mishra.

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Mumbai Press Exclusive News

ANC action, drugs worth crores seized, 6 arrested

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Mumbai: The Anti-Narcotics Cell has claimed to have arrested six drug smugglers, including a Nigerian, including a Nigerian, including MD and Natropum tablets worth Rs 7.01 crore, during operations at various locations in Mumbai. 523 grams of cocaine, worth Rs 5.23 crore, was seized from a Nigerian in Vakola, Mumbai. Five accused were arrested in raids conducted in Ghatkopar, Kurla CST, Mazgaon, tardeo, Borivali areas, from whose possession Mephedone MD worth Rs 54.65 lakh was seized. These are part of five inter-state drug gangs. Other drugs including Natropum tablets were also seized in this operation. This operation was carried out by DCP Nunath Dhule on the instructions of the Mumbai Police Commissioner.

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