Registrations In Realty Down By 60%

Published: April 7, 2009 at 10:12 PM | Author: Administrator
News Source: 3 April 2009 - DNA Money

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The number of registrations in realty has gone down drastically in Mumbai in the last two months of the financial year 2008-2009. The number of transactions registered includes components like certificate of sale, conveyance, agreement deed and apartment deed. The total number of home registrations which includes new property registration and resale of properties show that in January this year 2,866 documents were registered as against 6,491 in the same month last year, a drop of 56% and the revenue earned by the department was a mere Rs 71 crore as against last year's Rs 183 crore, a drop of whopping 61%. In February this year, a total of 2,749 houses have been registered, down from previous year's 6,106 - a fall of 55% from last year. The revenue went down to Rs 65 crore from Rs149 crore in February last year - a drastic drop of 56%. Also, registration figures are barely over 3,000 a month since November 2008, after the economic turmoil started to take its toll, and buyers and investors both ran out of the market.