Maximum sales were in the Vasai-Virar region and Dombivli for flats costing between Rs 35 lakh to Rs 50 lakh, according to a report released by property research firm Liases Foras on Monday.
In contrast, Mumbai registered a 6% decrease in sales during these two quarters of last year. "Builders with projects in south and central Mumbai as well as in MMR region have started offering 15-20% discounts," said Pankaj Kapoor, MD of Liases Foras.
In south and central Mumbai, developers who used to quote Rs 30-35,000 a sq ft, now offer the same properties for Rs 25,000 a sq ft, he said, adding there was a reduction in the luxury segment as well.In Vasai-Virar, builders offer a Rs 500 a sq ft discount plus free parking as well as waive of payment of stamp duty. This effectively reduces the price from Rs 5,000 to Rs 4,000 a sq ft in this region.
"The third quarter of 2013-14 infused a new lease of life in the otherwise subdued real estate market with sales across six Indian cities bouncing into positive territory," said the report. The overall sequential increase was 22%. Bengaluru, Pune and Mumbai Metropolitan Region (MMR) led the pack with a 58%, 48% and 30% growth, respectively.
The report attributed this improvement across the major cities mostly on new launches in the affordable segments and "loads of discount" being offered by developers.
New launches saw a 14% decline to 68 million sq ft acros s the six major cities, despite being a festive quarter. Most of the launches were in the price range of Rs 25 lakh to Rs 50 lakh and Rs 50 lakh to Rs 1 crore.
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