Festive Season Boosts Real Estate Sales in MMR & Pune: Key Insights for 2024

The festive season has always been known for its prosperity and beginnings in India. This cultural sentiment translated into a meteoric rise of real estate activity across Mumbai Metropolitan Region (MMR) and Pune in 2024. According to The Guardians Real Estate Advisory, an unprecedented ₹1,019 crore turnover in sales was recorded during October for the property market.

Property registrations in Mumbai saw a 22% rise versus October 2023, indicating that the festive cheer has bolstered the momentum of the real estate sector, which is witnessing robust buyer interest in both luxury and affordable housing projects. Now, let us take a look at the figures and what has led to this immense success. 

Festive Real Estate Performance at a Glance 

Record-Breaking Registrations in Mumbai  

- In October 2024, 12,960 properties were registered in Mumbai as compared to the year ago same month when property registrations numbered at 10,607 registering a jump of 22% year on year.

The proportion of registrations from high-value properties (₹2 crore and above) increased to 22% compared to 18% in the previous year.  

Sales Turnover Insights  

- The Guardians Real Estate Advisory achieved ₹1,019 crore in sales during the festive period, covering over **4.23 lakh sq. ft. of carpet area** across 638 apartments.  

- Landmark sales during key festivals include:  

 - ₹515 crore during Akshay Tritiya.  

 - ₹350 crore during Dussehra.  

 - ₹361 crore during Diwali week.  

Factors Driving Festive Real Estate Growth  

1. Cultural Significance of Festivals  

Dussehra, Diwali and Akshay Tritiya — These festivals are regarded as auspicious for big purchases such as property investments. During this time, buyers capitalise on a climate of hope and affluence by making long-term investments in residential and commercial real estate. 

2. Shift Towards Premium Properties  

- High-end real estate in Mumbai saw exceptional demand, particularly in South Mumbai.  

- Buyers are increasingly prioritising properties with international-quality finishes, bespoke fitments, and world-class amenities.  

- Manan Shah, MD of MICL Group, highlighted that modern buyers seek not just prestigious addresses but also properties that embody true luxury.  

3. Affordable Housing Boom  

- Affordable housing remained a cornerstone of the festive sales surge.  

- According to Amit Haware, CEO of Haware Properties, partnerships with advisory firms and enhanced infrastructure connectivity have made homeownership more accessible, especially in MMR’s emerging areas.  

4. Buyer Confidence in Real Estate Investments  

- Real estate remains a preferred asset class for Indians, offering stability and long-term returns.  

- Developers reported that auspicious-day offers and festive promotions played a critical role in attracting serious buyers.  

Trends in MMR and Pune’s Real Estate Markets 

Growing Demand in MMR

The strength of the Mumbai real estate market is reflected in increasing interest in high-end properties. An increase in connectivity with exciting infrastructure developments and prime properties have made the region more attractive.

Pune’s Rapid Growth

With a booming IT sector, abundant social infrastructure and favourable property prices compared to other IT cities like Mumbai, it is no surprise that Pune continues to perform well on the real estate front. This summer, the festive season has probably brought out both sides of the cape town housing coin; luxury and affordability.

Luxury Market Momentum

Luxury properties have become hot cakes among buyers because of changing perspectives and affluent many people.

Catering to this segment, developers such as MICL pay careful attention to design and quality, as these are non-compromising features for buyers in this market.

Key Developer Insights  

Ram Naik, Co-founder & Director, The Guardians  

“Festivals have a profound cultural link for buyers in India, and this year demonstrated how closely these events are tied to high-value purchases. Buyers regard the festive season as an advantageous time to invest in high-quality residences.”  

Manan Shah, MD, MICL Group  

“The exceptional response to luxury real estate, especially in South Mumbai, reflects a sophisticated buyer mindset. Developers focusing on true luxury and bespoke experiences will continue to thrive in this landscape.” 

Amit Haware, CEO & Joint MD, Haware Properties  

“The festive season has brought exceptional growth in affordable housing, creating opportunities for thousands of families to achieve their dream of homeownership. This trend isn’t seasonal—it’s the start of a promising trajectory.”  

The Role of Infrastructure and Connectivity  

The real estate market’s growth in MMR and Pune is closely tied to the development of urban infrastructure:  

- Enhanced connectivity through metro projects, highways, and flyovers.  

- Upgraded social amenities, including schools, hospitals, and entertainment hubs.  

- Proximity to employment centers like IT parks, which drive demand for residential properties.  

What’s Ahead for 2025?  

As 2024 draws to a close, the real estate sector is optimistic about maintaining the festive momentum:  

1. Sustained Demand for Luxury Properties: Developers will continue to focus on delivering premium residences with unparalleled amenities.  

2. Affordable Housing Growth: Government policies and infrastructure projects will further boost this segment.  

3. Rising Importance of Auspicious Days: Festive seasons will remain a key driver for property sales.  

Conclusion

The 2024 festive season underlines the robust trend in MMR and Pune real estate. Demand across segments has been strong from luxury apartments in South Mumbai to supply of affordable housing developments in emerging neighbourhoods.

Celebrating the demand of buyer confidence and a testimony to the fact that real estate gives strength to wealth creation, The Guardians Real Estate Advisory has achieved ₹1,019 crore in sales turnover — setting a new benchmark of Mars for fashionable season sales. Looking ahead to 2025, market conditions appear favourable on the back of strong fundamentals, changing buyer preferences and ongoing infra growth.