Home-buying momentum continues post Diwali: Research

Mumbai, November 27, 2023: The festive season herald the positivity among prospective home buyers who took the opportunity to buy their dream homes. This is amply reflected in recent industry data that mentioned property registrations between Navratri and Diwali in Mumbai this year jumped 30 per cent compared to last year. Between October 15 and November 15 this year, Mumbai recorded 12,602 registrations as compared to 9,659 units in the same period last year. Moreover, this year, the daily average registration rate climbed 26 per cent to 407 units from 322 units last year. This home buying momentum has continued post Diwali with home sales touching an all time high.
 

NAREDCO Maharashtra’s three day HOMETHON Property Expo 2023 saw a similar positive home buying momentum which attracted over 55000 visitors at the JIO World Convention Centre, BKC, Mumbai from 24th to 26th November 2023. The developers exhibiting at the expo generated over INR. 1050 crore worth of committed sales from their projects. NAREDCO Maharashtra in association with The Guardians Real Estate Advisory who were the Sourcing Partner of HOMETHON 2023 has come up with a research on findings from this Expo. The research states that most of the visitors to the property expo were in the 35 to 45 age group bracket. In addition, 75% of visitors were looking at buying homes in Mumbai and the MMR region. Out of which 80% of the visitors were looking to buy Mid-Luxury properties in Mumbai, Thane and Navi Mumbai region and the balance 20% looking for affordable and High End Luxury in Mumbai & MMR region. The remaining 25% of the overall visitors were looking at properties in the Neral-Karjat, Panvel, Raigad and the Mira-Bhayandar region. Apart from various offers at the expo, the other factors that led to higher sales were stable interest rates and homebuyers' growing desire to upgrade to larger and more spacious homes.
 

Speaking on the findings of this report Mr Sandeep Runwal, President, NAREDCO Maharashtra said, “This research findings only goes on to prove that there is a huge demand for property and people are coming forward to capitalize on such property exhibitions like HOMETHON 2023. Such large property exhibitions offer home buyers a plethora of home buying and financing options. A large number of developers and banks offer home buyers with attractive deals and financing options that are only available at this expo. We are absolutely excited to see the excellent turnout of visitors and we hope that they finally fulfil their long cherished dream of owning a home of their own.”
 

The housing market is robust and property sales are at an all time high. The necessity of owning a roof over your head has translated into home buyers looking at buying a home at the earliest. Industry home sale figures from HOMETHON 2023 only further drives in that point. For instance, MICL has sold 4 units in the Aaradhya Avaan project at Tardeo whereas one unit of 4 BHK in Aaradhya One Earth at Ghatkopar. Atharv Lifestyle, a major realtor in the western suburbs of Mumbai has sold 5 apartments of 4 crore each at their Vile Parle project. From the housing finance perspective, the State Bank Of India sanctioned over 40 loans at the HOMETHON Property Expo 2023.