Monthly Watch: Mumbai Home Sales, Launches Decline In December

India's financial capital Mumbai felt a sharp pinch of the Central government's demonetisation move. December figures show new launches and home sales numbers fell a month after Prime Minister Narendra Modi announced a ban on currency notes of high-value denominations.

According to a PropTiger DataLabs report, while there has been a monthly decline of 38 per cent on a month-on-month basis in December, at 82 per cent, the fall is more prominent on an annual basis. Home sales figures, on the other hand, fell eight per cent on a month-on-month basis in December while the annual decline stood at 59 per cent.

In a market that is notorious for being unaffordable, property prices increased two per cent in December when compared to the same month in 2015.

New developments

Developers who launched new projects in Mumbai in December include Bhagwati Group, EV Homes, Gami, Today Global and Sheltrex. These new projects are spread across the localities of Ghansoli, Kamothe, Karjat, Kharghar and Panvel and are priced in the rage of Rs 3,500 per sq ft and Rs 10,500 per sq ft.

Top performers

Localities that contributed the highest to December home sales in Mumbai include Thane West, Karjat, Ulwe, Panvel and Mira Road East. While property in Thane West is priced between Rs 9,420 and Rs 11,500 per sq ft, prices stand at Rs 5,900-Rs 6,100 in Ulwe. Property in Karjat is priced between Rs 3600 per sq ft and Rs 3,700 per sq ft.