The Mumbai Stock Exchange BSE Sensex hit a 31 Month low on Monday following the Mumbai Real Estate Market which has also hit a 31 Month Low on Dec-1st.
Sales registrations for the month of November 2011 are down 20% YoY to 4,060 levels. On a MoM basis, registrations declined by 12%. Sales registrations have continued to languish at ~4000-4500 levels for the last few months amid a challenging macro environment. November registrations are the lowest once again and this time in 31 months.
In the meantime, if the current status quo on pricing is maintained, things could get worse for the sector before getting better. Thus, we believe action on the pricing front by developers is what is needed to revive the sector’s fledgling fortunes
