The festive season has been beneficial for the real estate markets in Mumbai and Pune, as evidenced by industry statistics and sales figures showing a significant increase in buyer activity across the region. The Guardians Real Estate Advisory achieved the highest festive season sales turnover of ₹1,019 crore in the Mumbai Metropolitan Region (MMR) and Pune. The company reported the sale of 638 apartments, covering more than 4.23 lakh square feet of carpet space, highlighting growing demand as buyers capitalized on this auspicious period for property investments.
Recent studies reveal that the surge in seasonal property sales reflects the overall strength of the real estate market. In October 2024, property registrations in Mumbai increased by 22% year-on-year, rising to 12,960 units from 10,607 units in October 2023. The festival season, particularly during Dussehra and Diwali, contributed significantly to these results, showcasing renewed buyer confidence in residential and commercial real estate.
In October, sales of high-value properties in Mumbai (priced above ₹2 crore) accounted for 2,876 units or 22% of all registrations, up from 18% in the previous year. This shift towards premium property investments underscores changing buyer preferences for luxury real estate, further solidifying Mumbai’s status as a resilient and sought-after market.
Ram Naik, Co-founder & Director of The Guardians Real Estate Advisory, stated, “Festivals have a profound cultural significance for Indian buyers, and this year has reinforced the strong connection between these events and high-value purchases. The holiday season has once again proved that homebuyers view this period as an opportune time to invest in premium residences. This trend bolsters Mumbai and Pune’s reputation as key hubs for residential and commercial development.”
Manan Shah, Managing Director of MICL Group, echoed this sentiment, saying, “Luxury real estate in Mumbai has witnessed an exceptional response over the past year, with the festive season further intensifying this momentum. The evolving mindset of customers, particularly in South Mumbai, reflects a refined understanding of the value of high-end properties. Buyers are no longer simply looking for prestigious addresses; they demand international-quality finishes, bespoke fitments, and lifestyle amenities that match global standards. At MICL, we’ve tailored our offerings to meet these expectations, and the market’s positive reception validates our commitment to world-class luxury. Developers who prioritize quality and grasp the nuances of true luxury will continue to thrive in Mumbai’s dynamic real estate market.”
Amit Haware, CEO & Joint Managing Director of Haware Properties, added, “This festive season has brought significant growth in real estate, especially in the affordable housing sector, where demand has been robust. The dream of homeownership is becoming a reality for thousands of families through our collaboration with The Guardians. Together, we aim to make homeownership accessible, particularly in the rapidly developing areas across the Mumbai Metropolitan Region. Enhanced connectivity and infrastructure are driving this trend, creating favorable opportunities for first-time buyers. This is not just a seasonal phenomenon—it marks a promising trajectory for the future.”
The Guardians Real Estate Advisory’s 2024 sales performance further underscores this trend. The company achieved ₹515 crore in sales turnover during Akshay Tritiya, ₹350 crore during Dussehra, and ₹361 crore during Diwali week. These results reflect a consistent pattern of increased activity on auspicious days, which attract serious buyers. The ₹1,019 crore sales turnover during the festive season is a testament to buyer confidence in the long-term value of real estate investments during this period.
Note: Cover Photo is Indicative only
