Festive Season Spurs Home Buying In Mumbai

With favourable market dynamics and developers rolling out enticing festive offers, Mumbai’s real estate sector is poised for a vibrant season ahead

Mumbai: With the festive season in full swing, Mumbai’s real estate market is buzzing with activity. India’s largest and most expensive property market started the festive season with a remarkable momentum, as property registrations surged during the nine-day Navratri festival. This growth reflects the rising buyer confidence and reaffirms the sustained demand for home ownership in the city.

With developers offering attractive loan schemes and the cultural significance of investing during festivals, Mumbai’s real estate market is now gearing up for a promising Diwali ahead. This culturally significant period, seen as an ideal time for new beginnings, offers homebuyers a perfect opportunity to make life-changing investments. Developers are witnessing a surge in demand, fueled by attractive home loan schemes, favorable interest rates, and the positive sentiment associated with festivals.

Talking to Bizz Buzz, Sachin Bhandari, Executive Director and CEO, VTP Realty, says, “In India, the auspicious three-and-a-half muhurat is seen as the ideal time for purchasing high-value commodities, whether it's gold, assets, or real estate. Buyers often align their purchase plans with these dates, believing it brings prosperity and happiness. Reflecting on the current market, we've seen exceptional demand during Navratri and Dussehra and anticipate strong momentum during Dhanteras as well.”

Post-pandemic, the demand for luxury homes has surged significantly. To cater to this growing segment, we launched VTP Luxe last year, and the response has been tremendous. We continue to see strong demand for luxury properties across the city and expect the festive season of 2024 to mirror the success we experienced last year, he added.

The festive season in Maharashtra is a vital period for home buying, embodying deep cultural significance and auspiciousness that inspire families to invest in their future.

Festivals have always been a driving force in Mumbai's real estate market. The auspicious nature of this season inspires families to make significant investments, particularly in home ownership.

“With competitive interest rates, this festive period offers a unique opportunity for buyers to invest in real estate, and many are eagerly seizing the chance to turn their dream of owning a home; into a reality,” said Govind Krishnan Muthukumar, Managing Director and co-founder of Tridhaatu Realty.

Township Living and ultra-luxury villas see rise in demand.Consumer confidence has experienced a revival in the wake of the pandemic, prompting many to prioritize long-term investments like real estate. The demand for larger luxurious living spaces and ultra-luxury villas, has led families to seek homes that accommodate their evolving lifestyle needs.

Vikas Sutaria, founder of Iraah Lifespaces, said, “The evolving trend toward destination living is pushing demand for ultra-luxury villas in places like Alibaug and Lonavala, which are emerging as preferred getaway destinations near Mumbai.”

These villas appeal to high-net-worth individuals seeking exclusivity and serenity and there could not be a better time to invest than this festive season.

Sandeep Sonthalia, CEO, Wadhwa Wise City, explained, “The trend of integrated township living continues to gain traction, with families seeking lifestyle-rich environments and open green spaces. Our integrated township project in Panvel focuses on creating a holistic living experience amidst nature, promoting health and well-being. We are excited to see increasing demand for plotted developments and integrated communities."

Beyond the suburbs, Central and South Mumbai are also witnessing heightened interest from homebuyers.

Vedanshu Kedia, Director of Prescon Group, noted, “Redevelopment projects and premium offerings in South Central Mumbai continue to attract buyers.”

The festive season is accelerating this trend, with families preferring to invest in homes that promise long-term value and excellent location benefits.

With favourable market dynamics and developers rolling out enticing festive offers, Mumbai’s real estate sector is poised for a vibrant season ahead. As buyers look for homes that align with their lifestyle aspirations and financial goals, the convergence of tradition and opportunity is making this Diwali a landmark moment for many.

This festive season, the spirit of new beginnings resonates not only in celebrations but also in the aspirations of families finding their dream homes, adding yet another reason for Mumbai to shine brighter.