Mumbai property sales registrations in the first quarter of the current fiscal were up six per cent on a sequential basis, according to a report from Prabhudas Lilladher said.
The March-May period saw registrations cross the 5,000-mark as against the dismal levels seen in the prior period. June registrations were a tad below the 5,000-mark, it said.
The falling trend indicated by the trailing 3-month registration chart in the Sept 2010-Nov 2011 period has been arrested in the March 2012-May 2012 period. However, this can hardly be termed as a recovery, the brokerage firm cautioned.
The incremental demand could be on account of first-time home buyers taking the plunge in the absence of price correction and from NRI-led demand due to significant weakening of the rupee, it said.
The challenges to sales continue to remain high and more needs to happen to correct the stressed affordability equation amid high property prices. Although lease transactions seem to be clocking new highs every month, the scenario for commercial real estate in the city remains weak, with vacancies at over 20 per cent, it added.