The festive season for real estate purchases in the Mumbai Metropolitan Region (MMR) begins with Ganeshotsav, continuing during Navratri-Dussehra, and moving forward into a higher gear during Diwali and the New Year. This trend was witnessed during 2024 and is going strong according to industry analysts and real estate association office bearers.
According to Prashant Sharma, President, NAREDCO Maharashtra, “The remarkable growth in property registrations during Navratri 2024 underscores the resilience of Mumbai’s real estate sector and the buyer confidence that continues to drive market momentum. Festive periods, especially Navratri and Diwali, have always held significance for homebuyers, and the data reflects that the demand for both residential and commercial properties is stronger than ever. With strategic policy support and evolving buyer preferences, we are optimistic about sustained growth in the upcoming quarters.”
Rajeev Ranjan, Co-Founder & CEO, The Mentors Real Estate Advisory Pvt Ltd, opined, “The surge in property registrations during Navratri reflects the changing dynamics of the market, where end-users and investors are making strategic investments. Mumbai’s property landscape remains attractive due to the combination of infrastructure developments, stable policies, and festive optimism. This festive period’s success reaffirms the real estate market’s role as a key driver of economic growth.”
Manju Yagnik, Senior Vice President, NAREDCO – Maharashtra, shared that the nine days of Navratri saw a significant surge in registrations as the city embraced this auspicious period for high-value commitments. Sales of property during festive periods have increased by 15-20% over the past few years, as the overall populace is encouraged to make investments. Developers try to harness the momentum with attractive schemes such as discounts, flexible finance offers, and special deals.
“This period is particularly favourable for real estate, making it an ideal time for homebuyers. With the festive season now in full swing, that begun with Navratri, on through Dussehra to Diwali in coming weeks, registration numbers should escalate significantly. For the year the home sales have still churned out nearly 100,000 units by early September. The ongoing positive sentiment is likely to further fuel growth in the housing market as we approach the year’s end,” she pointed out.
Focusing on a specific section of the MMR, Jitendra Mehta, President, CREDAI-MCHI Thane, had predicted that Dussehra, among the important and significant festivals in India, will bring cheer to Thane’s real estate. Historically, the festive season spanning from Navratri to Diwali is always positive and a high-sales period for property sales in Thane, and this year is no exception. Thane’s real estate has witnessed a surge in demand for residential and commercial spaces during the year, and it has picked up during the period just prior to Dussehra. Home seekers consider Dussehra an auspicious time for new beginnings, so investments are driven by positive sentiments. The positivity also impacts property sales with huge numbers of inquiries at project sites and real estate developers’ offices.
“The Dussehra growth phase in Thane’s real estate sales is attributed to positive market sentiment, a stable price line over the past few years, competitive pricing, and attractive offers from Thane’s developers. As a real estate hub, Thane’s infrastructure development, connectivity has contributed to its appeal. In terms of residential real estate, Thane offers homes to suit all budgets, from affordable and mid-range housing options to high-end and luxury homes,” he said.
Developers in Thane have reported significant bookings during the festive season. They attribute this success to home seekers’ confidence in Thane, to innovative marketing strategies and customer-centric approaches undertaken by members of CREDAI-MCHI Thane and on-time project completions. Dussehra has set the tone for a prosperous Diwali, and Thane’s real estate market is expected to continue its upward trajectory. With ongoing infrastructure projects and government initiatives, the city’s property market is likely to remain vibrant, Mehta declared.
The mood is indeed buoyant and the best way to mark the festive season is clearly buying a house and securing a concrete asset that will appreciate in value as the years go by!
