This Diwali season has proven auspicious for the real estate market, as The Guardians Real Estate Advisory reported a remarkable turnover of over ₹361 crore in sales. The company sold 243 units, spanning a carpet area of 1.60 lakh sq. ft., across Mumbai Metropolitan Region (MMR) and Pune during the Diwali week alone. This surge reflects the growing influence of festive periods on real estate sales, especially as Indians increasingly turn to property investment as a stable alternative to traditional assets like gold. Key areas contributing to these sales included South Mumbai, Thane, Navi Mumbai, and Pune, showing robust buyer sentiment in both residential and commercial segments.
Historically, Indian families have celebrated Diwali by investing in gold, a symbol of wealth and prosperity. However, the recent trend shows an increasing shift towards real estate as a preferred investment avenue during festive periods. Earlier this year, The Guardians reported significant sales of ₹515 crore on Akshay Tritiya and ₹350 crore during Dussehra, underscoring a clear pattern in the market’s response to auspicious occasions. This Diwali’s record-breaking sales only strengthen this trend, as both end-users and investors capitalise on the season to secure property assets with emotional and financial value.
Recent data reveals a steady upward trend in Mumbai’s real estate market, with residential sales exceeding 24,000 units in Q3 2024—a 9% increase compared to the previous year. Moreover, property registrations in the city surpassed 105,000 in the first nine months of 2024, marking a 12% rise from last year. Factors driving this growth include low financing rates, substantial infrastructural developments, and a rise in interest from Non-Resident Indians (NRIs), all reinforcing buyers’ confidence in Mumbai’s property market. These numbers highlight the city’s sustained attractiveness as a real estate hub, despite fluctuating economic conditions.
From a sustainability perspective, the Diwali sales boom also reflects a changing investment ethos among buyers who are increasingly mindful of long-term environmental and social impacts. As the real estate market in the MMR continues to expand, developers are emphasising sustainable urban planning, green building materials, and energy-efficient infrastructure. This shift aligns with a broader commitment to creating eco-friendly spaces that enhance the quality of urban life, contributing to the long-term stability and appeal of the real estate market in Mumbai and Pune.