The low base of CY12, on account of a hiatus in approvals, is the key reason for the strong growth seen in CY13. On a sequential comparison too, the growth stood at 18% for the quarter. Although, January & February witnessed negative MoM growth, March compensated with 43% MoM growth, besides being the highest number in the 31 months. Registrations have improved post the festive season launches, while March has been an exceptional month on account of it being a fiscal year, whereby, registrations typically rise.
The impact of island city launches like that of Lodhais 'Blue Mooni' & 'BombayRealty's Island City Centrei is percolating down to registration numbers in Q1CY13, with growth numbers for 'City' sales exceeding that of 'Suburban' sales. Lease registrations were also strong during the quarter, registering 15% YoY and 23% sequential growth. In case of lease registrations, the growth has been stronger, both on a YoY and sequential comparison for suburban Mumbai. The much awaited monetary easing came by in the last two monetary policies, with a 25bps repo rate cut in both, which shall help in improving the overall buying sentiment in the sector.
Further, monetary easing in the near-term looks quite certain given the receding inflationary pressures, is positive for the sector. Company balance sheets are witnessing an improvement, with companies steadily repaying debt and exhibiting caution on land bank addition. The easing of interest rates is further expected to help companies in reducing financial costs.
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A healthy quarter for Mumbai property registrations: Prabhudas Lilladher
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