Property registrations in Mumbai and its suburbs saw a 11% MoM decline to 4,858 units in Feb-14, below the 3 month moving average (3MMA) of 5,750 units. For YTDFY14, registrations have grown by 6% YoY to 57,047 units from 54,097 in YTDFY13, led by 22% YoY growth in Island City registrations, but muted 2% YoY growth in Mumbai suburbs, according to HDFC Securities.

''Although demand remains sluggish with property buyers in Mumbai continue to postpone purchases in anticipation of a price correction, supply side constraints have not seen improvement which we believe will lead to slow execution of projects in 1HCY14 as well.''

''Our interactions with industry players including developers, consultants and brokers indicate that hopes are being pinned on a recovery in sentiment post Indian general elections which may lead to an uptick in volumes. However, one common concern that emerged during our interactions is that Mumbai property prices continue to remain unaffordable and any recovery may be short-lived unless prices correct from currentlevels,'' it said.

''Another key fear is that as soon as buyers come back to the market, developers may again hike prices citing cost escalations on account of delays. As a result, volumes may not see a sustained recovery in Mumbai,'' the broking firm added.

Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.