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Mumbai witnessed a remarkable surge in real estate registrations, marking a historic high in August 2024. This unprecedented uptick along with the 10-day Ganpati festival commencing on Saturday, underscores the robust health and buoyant mood of the real estate market in India's financial capital.
While lower borrowing costs have made home loans more attractive, encouraging both first-time buyers and seasoned investors to enter the market, the government's push for affordable housing and various incentives for homebuyers have further fuelled the demand thereby increasing registrations. Developers, too, have played their part by offering lucrative deals and flexible payment plans to entice buyers.
The timing of this record-breaking performance is also significant since the month of August serves as a prelude to the festive season, particularly the 10-day Ganeshotsav, the most celebrated festivals in Mumbai. Traditionally, the period leading up to Ganpati is considered auspicious for making significant purchases, including property investments. Many buyers prefer to finalize deals before the festival to usher in prosperity and good fortune. This cultural aspect has undoubtedly contributed to the heightened activity in the real estate market.
As the Ganpati festival approaches, the real estate market in Mumbai is expected to maintain its momentum. The confluence of economic factors, cultural sentiments, and strategic initiatives by developers suggests a promising outlook for the city's property landscape. For prospective buyers and investors, this period presents a golden opportunity to tap into Mumbai's thriving real estate market.
President of CREDAI MCHI Thane, Jitendra Mehta said that the 10-day Ganpati festival should result in a significant positive impact on the real estate market in Thane and the Mumbai region. “Many homebuyers believe that buying a home during the Ganesh festival brings good luck and prosperity. This should lead to an increase in demand for homes, particularly in the affordable and mid-segment categories. Developers also tend to launch new projects during the festival, offering attractive discounts and incentives to capitalize on the positive sentiment which will have a positive impact on home buying,” he said.
“While site visits and inquiries increase significantly during the festival, the festival period typically sees a surge in sales, with many developers reporting a significant increase in bookings and sales conversions. In 2024, the trend is expected to continue. This can lead to a temporary appreciation in property prices, particularly in areas with high demand,” Mehta said.
Stating that the festival will further boost the booming property market, Mehta said, “The developers and buyers alike are looking forward to the festival as an opportune time for the home seekers to make their dream homes a reality.
President of NAREDCO Maharashtra, Prashant Sharma said that the festival brings a wave of positivity, with many developers strategically aligning their project launches and marketing activities to harness this festive optimism. “The registration numbers are expected to remain steady during Ganeshotsav as Bappa’s homecoming creates an auspicious atmosphere. Following the festival, we anticipate a significant surge in activity as buyers finalize their decisions, having sought blessings during this special time. Overall, the festive season is poised to uplift market sentiment, paving the way for robust activity in the latter part of the month," he added.
Adding to this, Co-Founder & CEO, The Mentors Real Estate Advisory Pvt Ltd, Rajeev Ranjan said, “Ganeshotsav is a culturally rich and significant period in Mumbai, bringing with it a wave of emotional and financial optimism. Many buyers view this time as especially auspicious for making property-related decisions, leading to a quick rebound in registration numbers post-festival. The favourable sentiments are expected to drive a resurgence in registrations, contributing to a positive momentum in the market’s overall performance.”
