Real Estate on Akshay Tritiya has always seen mentionable transactions as it is considered as the most auspicious day. This year the case was not the same as the market remained idle on the day. The condition is the result of the sluggish realty market and the slow approval process.Recent report by global realty consultant Knight Frank suggests that the new launches have declined by around 30 per cent in the second half of the fiscal year 2013. The approval process of the project is time consuming and expensive which is affecting the new launches in the country.Maharashtra Chamber of Housing Industry president said that nobody is going for the auspicious day as they have to depend on the government approvals to launch new projects. Vimal shah, managing director of Hubtown, said “The approval process has been much slower that developers are not launching new projects.”Property buyers also have not shown much interest in property booking as the prices of the properties are high. Buyers were expecting to have discounts in the property prices while purchasing on the day but developers and builders were not in such positions to give discounts or freebies to customers.Market conditions are not good enough in current situation. People are not buying a home due to the high rate and eventually it resulting in the delay in the new property launches by developers and builders.The second quarter residential real estate prices in Mumbai were increased by 66 per cent. In Thane, it observed 70 per cent increase whereas the highest increase was seen in the Navi Mumbai, 74 per cent. This price increase is calculated against the prices of the second quarter of the 2009 by property consultant Jones LaSalle.