Real Estate Boom: Diwali and Festive Season Spark High Property Demand in MMR
Industry experts and real estate leaders in the Mumbai Metropolitan Region (MMR) have noted a surge in property registrations during the festive season, from Ganeshotsav to Diwali. The momentum is expected to continue, driven by positive market sentiment
Real EstateDiwaliFestive SeasonProperty SalesMumbai Metropolitan RegionReal Estate MaharashtraOct 27, 2024
According to Prashant Sharma, President of 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 and CEO of The Mentors Real Estate Advisory Pvt Ltd, added, '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 of NAREDCO - Maharashtra, pointed out 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,' she shared.
'This period is particularly favorable for real estate, making it an ideal time for homebuyers. With the festive season now in full swing, beginning with Navratri and moving through Dussehra to Diwali in the coming weeks, registration numbers should escalate significantly. For the year, home sales have 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,' Yagnik added.
Focusing on a specific section of the MMR, Jitendra Mehta, President of CREDAI-MCHI Thane, predicted that Dussehra, among the important and significant festivals in India, will bring cheer to Thane’s real estate market. 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 and connectivity have 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,' Mehta explained.
Developers in Thane have reported significant bookings during the festive season. They attribute this success to home seekers’ confidence in Thane, innovative marketing strategies, and customer-centric approaches undertaken by members of CREDAI-MCHI Thane, as well as 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, according to Mehta.
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.
Frequently Asked Questions
Why is the festive season important for real estate in MMR?
The festive season, from Ganeshotsav to Diwali, is significant for real estate in MMR because it is considered an auspicious time for making high-value commitments. It drives buyer confidence and increases demand for both residential and commercial properties.
What are the key factors driving the growth in property registrations during Navratri?
Key factors include strategic policy support, infrastructure developments, stable market conditions, and attractive offers from developers. Festive optimism and buyer confidence also play crucial roles.
How are developers attracting buyers during the festive season?
Developers are attracting buyers by offering discounts, flexible finance options, and special deals. They are also leveraging positive market sentiment and innovative marketing strategies to increase sales.
What is the expected impact of Dussehra on Thane’s real estate market?
Dussehra is expected to bring a surge in property sales in Thane, driven by positive market sentiment, stable prices, competitive offerings, and strong infrastructure development. It sets the tone for a prosperous Diwali season.
What is the current trend in home sales in the MMR?
The current trend shows a significant increase in home sales, with nearly 100,000 units sold by early September 2024. The festive season is expected to further boost these numbers, especially in the run-up to Diwali.
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