The country’s financial capital Mumbai (area under Brihanmumbai Municipal Corporation) witnessed a 5% increase in property registrations in November 2024, with 10,216 units registered, compared to 9,736 units during the same month last year, as per data from Knight Frank India. This growth reflects sustained demand in the housing market despite a month-on-month decline from October’s robust performance, when 12,960 units were registered. Stamp duty collections saw a significant 30% rise in November 2024 compared to November 2023, indicating a preference for higher-value properties.

According to Knight Frank India, the dip in the number of properties registered in November compared to October may reflect a market pause following October’s robust performance further catalysed by elections in the state.

Demand for higher-valued properties saw a significant increase, with properties priced at ₹2 crore and above making up 23% of registrations in November 2024, up from 17% the previous year. Transactions in this segment totalled to 2,147 properties. Meanwhile, the share of properties valued at less than ₹50 lakh dropped sharply, falling from 28% in November 2023 to 20% in November 2024, Knight Frank India said in its analysis.

Here is what real estate industry leaders have to say on the registrations numbers in November 2024:

Mr. Prashant Sharma, President, NAREDCO Maharashtra

“The 5% year-on-year growth in property registrations and the sharp rise in stamp duty collections reflect the resilience of Mumbai’s real estate market. The increase in demand for properties priced at ₹2 crore and above showcases the strengthening of the premium segment, driven by evolving buyer preferences and rising aspirations. This trend reinforces the importance of creating a conducive environment for real estate investments, especially in high-value housing, through supportive policies and infrastructure development.”

Mr. Anil Mutha, Chief Visionary & Co-Founder, Nandivardhan Group

“The November registration data points to a clear shift in buyer sentiment towards higher-value homes, a trend that aligns with the evolving demographics of Mumbai’s urban populace. The surge in demand for properties priced at ₹2 crore and above indicates a growing preference for high-quality, well-located homes among affluent buyers, aligning with Mumbai’s status as a global financial hub. We have observed a similar shift in our projects, with discerning buyers seeking premium offerings that promise value, lifestyle enhancement, and long-term appreciation. As a stakeholder in Mumbai’s real estate landscape, we remain committed to addressing these dynamic market demands and contributing to the city’s robust housing ecosystem through thoughtful, future-ready developments.”

Mr. Rohan Khatau, Director, CCI Projects

“The shift in registrations towards properties priced at ₹2 crore and above indicates a robust appetite for quality housing among homebuyers. This aligns with our vision of delivering projects that offer high value and cater to aspirational buyers. While the decline in affordable housing registrations is concerning, it highlights the need for continuous efforts to address affordability and expand housing access.”

Ms. Shraddha Kedia-Agarwal – Director, Transcon Developers

“The surge in demand for high-value properties illustrates the market’s growing confidence and aspirations. We are committed to delivering projects that align with these emerging trends, ensuring a blend of luxury and sustainability. This data also underscores the importance of maintaining momentum through strategic initiatives and customer-centric solutions.”

Mr. Samyak Jain – Director, Siddha Group

“The year-on-year growth in registrations and significant demand in the luxury segment are encouraging signs for Mumbai’s real estate market. We see this as a validation of our efforts to deliver high-quality homes that meet the aspirations of today’s buyers. The decline in the affordable segment, however, calls for renewed focus on addressing housing affordability in the city.”

Mr. Govind Krishnan Muthukumar, Managing Director & Co-founder of Tridhaatu Realty

“The data reflects the market’s inherent strength and adaptability. The rise in stamp duty collections despite a slight dip in registrations compared to October underscores the demand for higher-value transactions. As developers, we should aim to create projects that resonate with buyers’ needs while contributing to the city’s sustainable development.”

Mr. Vedanshu Kedia, Director, Prescon Group

“The robust demand in the premium housing segment signifies a maturity in the market where homebuyers prioritize value over price. We believe this trend is an opportunity to innovate and offer premium lifestyle solutions that cater to discerning buyers. The government’s initiatives to boost real estate growth and infrastructure are vital to sustaining this upward trajectory.”

Mr. Abhishek Jain – COO, Satellite Developers Private Limited (SDPL)

“The real estate market in Mumbai continues to evolve with an increasing tilt toward premium properties. This indicates a positive sentiment among buyers, particularly in the post-pandemic era, as they seek homes that meet their enhanced lifestyle needs. We will remain focused on meeting this demand through projects that redefine quality and customer satisfaction.”

The luxury housing market in India is witnessing a remarkable surge, driven by a growing preference for exclusivity, enhanced lifestyles, and premium living spaces. Despite global economic uncertainties, the demand for high-end properties in India has shown resilience, underscoring the confidence of affluent buyers in the long-term value of premium real estate.

A Market on the Rise

Recent data from CREDAI-MCHI reveals an 18% increase in total sales value across India’s top seven property markets, amounting to ₹279,309 crore in the first half of FY 2024-25. Notably, this growth comes despite a 3% dip in the number of units sold, highlighting a clear shift in consumer preference toward luxury homes. The average price per home has risen sharply to ₹1.23 crore, compared to ₹1 crore during the same period last year.

Cities like Mumbai, Delhi-NCR, and Bengaluru have emerged as frontrunners in this segment. Mumbai Metropolitan Region (MMR) maintained its leadership in premium property sales, with a stable average ticket size of Rs 1.47 crore and a 2% growth in sales value to Rs 114,529 crore, followed by Delhi-NCR and Bengaluru. Other cities like Hyderabad, Chennai, Pune, and Kolkata also registered substantial increases in average ticket sizes, showcasing the nationwide demand for premium housing.

Luxury Housing: A Lifestyle Statement

The surge in demand for luxury housing is more than just a trend; it reflects the evolving aspirations of homebuyers seeking to elevate their lifestyles. According to a report titled India Market Monitor Q3 2024 – Residential by CBRE South Asia Pvt. Ltd, sales of luxury units priced above ₹4 crore rose by 37.8% YoY during Jan-Sep 2024. In terms of quantum luxury residential unit sales, Delhi-NCR topped with sales of around 5,855 units, a 72% Y-o-Y increase, followed by Mumbai at around 3,820 units, recording 18% Y-o-Y growth, the CBRE report noted.

“The luxury housing market in India is evolving beyond just offering homes; it’s about curating an unparalleled lifestyle that resonates with the aspirations of discerning buyers. The steady rise in demand for luxury housing underscores the growing preference for quality, exclusivity, and convenience among homeowners. This trend not only reflects an upward trajectory in buyer aspirations but also a robust confidence in premium real estate as a valuable and long-term investment,” said Mr. Nishant Deshmukh, Founder and Managing Partner of Sugee Group. “At Sugee Group, we recognize this shift and are committed to blending modern architectural excellence with thoughtful amenities to craft bespoke living experiences through our premium developments such as Sugee Sea Krest and Marina Bay in Worli, in South Mumbai. We aim to create spaces that resonate with the evolving preferences of our clientele, delivering not just homes but experiences that epitomize sophistication and style.”

New Horizons in Luxury Living

Developers are increasingly catering to this shift in buyer preferences by introducing unique, high-end projects. Data from Anarock suggests that holiday homes, farmhouses and villas have seen a rise in demand, particularly among buyers seeking spacious properties that can accommodate remote work setups and long-term investments. Approximately 25% of luxury buyers are investing in holiday homes, while 20% prefer farmhouses.

Speaking about this trend, Mr. Vikas Sutaria, Founder of Iraah Lifespaces, stated, “We believe luxury is not just owning a premium property but about curating an experience that elevates one’s lifestyle. The growing demand in India’s luxury housing market reflects a shift in consumer aspirations, with homebuyers seeking more than just a home. They are seeking an integrated lifestyle that blends comfort, sophistication, and exclusivity. As premium realty players, it’s our responsibility to offer not just beautiful designs, but spaces that embody tranquility, well-being, and status. Our recently launched collection of bespoke ultra-luxury villas in Alibaug and Lonavala caters to this evolving mindset, offering unparalleled craftsmanship and a distinctive living experience.”

Mumbai: The Hub of Ultra-Luxury Real Estate

A report by Anarock showed that of the 25 ultra-luxury properties sold across the top cities in 2024 so far, Mumbai alone sold 21 units collectively worth ₹2,200 crore – an 84% share of the total deals in this segment across the top cities.

Looking ahead, the luxury housing market is poised for sustained growth, fueled by a robust demand from NRIs, HNIs, and affluent domestic buyers. Developers are responding with innovative projects that not only meet but exceed buyer expectations.

As Mr. Anil Mutha, Chief Visionary and Co-Founder of Nandivardhan Group aptly put it, “The rise in luxury housing in South Mumbai signifies a transformation in buyer aspirations, where opulence seamlessly blends with heritage and modernity. Our latest offering in Dadar, South Central Mumbai is set to redefine family living by combining contemporary design with the timeless charm of the area’s iconic architecture. With cutting-edge amenities and a strong focus on sustainability, we cater to the discerning tastes of today’s elite residents. As the real estate market continues to evolve, our homes reflect the aspirations of those who seek a lifestyle of luxury, comfort, and connection to the city’s rich cultural legacy.”

Speaking on the evolving luxury housing market, Mr. Umesh Jandial, Chief Business Officer, Omkar Realtors & Developers remarked, “The growing demand for luxury homes reflects a significant transformation in consumer behavior, driven by a preference for quality and exclusivity. This surge in interest highlights how homebuyers today are willing to invest in homes that redefine living experiences, offering bespoke amenities and a sense of community. In a competitive market like Mumbai, we have always stood for delivering exceptional value through our premium offerings such as Omkar Alta Monte at Malad.”

“Luxury housing in India is no longer confined to the idea of owning a premium property; it is a gateway to an elevated lifestyle. We see a strong and consistent demand for high-quality homes that blend modern design with functionality and exclusivity. With a focus on location, innovative design, and world-class amenities, we aim to redefine urban living while ensuring enduring value for buyers through our luxury projects. Our flagship projects in Mumbai and Goa embody this ethos, creating spaces that resonate with the aspirations of the modern homebuyer,” said Mr. Vedanshu Kedia, Director, Prescon Group

The luxury housing market in India is no longer just about homes—it’s about crafting lifestyles, experiences, and legacies. As the segment continues to evolve, it remains a lucrative and aspirational investment avenue, setting new benchmarks in real estate.

The National Capital Region (NCR) is undergoing a dynamic shift in its real estate landscape, with Dwarka Expressway emerging as one of the most attractive micro-markets. This surge in demand is largely driven by extensive infrastructure developments, including expanded road networks, improved internal infrastructure, and a planned metro link that will enhance connectivity further. The expressway saw a remarkable 30% rise in the average price of new property launches between July 2023 and July 2024.

Data from property consulting firm Anarock shows the evolution of Delhi-NCR’s real estate market over the past five years, positioning Gurugram as a prime investment hub. Key areas like Dwarka Expressway and Sohna Road are leading this growth, attracting both investors and end-users due to improved connectivity and strong infrastructure support. Dwarka Expressway ranks fourth in price appreciation among NCR’s top micro-markets, and eighth in housing supply, with 20,250 units launched between 2019 and mid-2024. Notably, Sector 37D along Dwarka Expressway has been the focus of significant infrastructure improvements, including new road projects and upgrades in internal roads, water supply, and sewage systems.

In response to the growing demand in this vibrant micro-market Signature Global launched its DE LUXE-DXP project along the Dwarka Expressway corridor in March 2024. This premium housing project achieved record-breaking pre-sales of Rs 3,600 crore within few days of its launch. Expanding on its commitment to high-quality construction, Signature Global awarded a construction contract worth Rs 1,144 crore to Ahluwalia Contracts for DE LUXE-DXP recently. Spanning 16.65 acres in Sector 37D, this project will feature 1,008 units, complemented by amenities like clubhouses, swimming pools, and high-street retail spaces.

Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd., shared his vision for the future, saying, “Dwarka Expressway is a strategic micro-market for Signature Global, aligning with our focus on prime locations that deliver long-term value. With upcoming metro connectivity and extensive infrastructure upgrades in Sector 37D, we believe this corridor will set the benchmark for modern living in NCR. Our premium project DE LUXE-DXP reflects our commitment to this market, where we aim to create enduring value by blending superior quality with sustainable practices. By remaining focused on key micro-markets like Dwarka Expressway, we are well positioned to meet the evolving demands of our customers with offering innovation and excellence in our forthcoming projects”

International architects are reshaping Kolkata’s business parks with innovative designs that combine efficiency, sustainability, and visual appeal. Their expertise is enhancing functionality and creating iconic spaces, attracting global businesses to the city.

Mr. B.P. Singh Roy, COO of Keventer Realty, shares: Kolkata’s commercial real estate is evolving, driven by a growing demand for global design expertise. International architects bring innovation through unique facades, efficient layouts, and sustainable designs, enhancing both aesthetics and functionality.

At Keventer Realty, we’ve embraced this by collaborating with renowned architect Stephen Coates for Keventer One. His vision blends striking design with productivity and sustainability, setting new benchmarks for business spaces in the city.

From unique facades to eco-friendly layouts, projects like Keventer 1 exemplify how global design elevates Kolkata’s urban landscape. These developments prioritize smart solutions and employee-centric spaces, setting new benchmarks for commercial real estate.

As demand for modern, sustainable spaces grows, Kolkata is emerging as a hub for global architectural innovation, driving growth and redefining its real estate sector.

India, 22 November 2024: Assotech Group, one of the leading real estate developers in North India, is on a steady growth trajectory with an impressive lineup of new residential and commercial projects. With nearly 38 years of expertise and a diverse portfolio that spans residential, commercial, and retail spaces, Assotech continues to raise the bar in delivering luxurious yet affordable projects that cater to the evolving needs of customers.

The company is expanding its presence across key locations in Gurgaon, Noida, Delhi NCR, and beyond, with landmark projects such as Assotech Pride in Bhubaneswar, Assotech Hills in Ranchi, Assotech The Blith in Gurugram, Assotech The Windsor Court in Noida, and Assotech Celeste Towers in Noida, among others. These new developments offer a combination of residential and commercial spaces designed to provide customers with high-quality living and investment opportunities.

Since its inception, Assotech Group has been dedicated to not only building exceptional infrastructure but also nurturing talent and empowering communities. Through its diversified portfolio of projects across residential, commercial, retail, and hospitality sectors, the company has generated substantial employment opportunities, creating a ripple effect of prosperity throughout the region. With a combined investment of over 2000 crore rupees in the last decade alone, Assotech Group has played a pivotal role in driving economic activity and fostering job creation in Odisha. The company’s projects have not only transformed the skyline but have also served as engines of growth, creating over 9 lakh man-days of employment opportunities in Odisha alone.

Assotech’s growth can be attributed to its commitment to quality, customer satisfaction, and innovative construction methods. With the introduction of new residential and commercial spaces across some of India’s most promising real estate markets, Assotech is continuing to reshape the urban landscape.

Shivani Priyam Patel, Director at Assotech Group, shared, “Our goal has always been to provide our customers with more than just a home – we aim to offer a lifestyle. These new projects, including Assotech Pride, Assotech The Blith, and Assotech The Windsor Court, are not just buildings, but vibrant communities. Each project has been meticulously designed to meet the highest standards of quality and functionality, ensuring that every resident enjoys comfort, security, and luxury. We are constantly innovating to ensure we deliver on our promise to our customers.”

Enakshi Priyam, Chief Operating Officer at Assotech Group, added, “We are experiencing tremendous growth as we expand our presence across key regions in India. Our new developments are a testament to our dedication to operational excellence, sustainability, and creating long-term value for our customers. With a diverse portfolio and a strong market presence, Assotech is poised to continue its leadership in the real estate sector. These projects represent our ongoing commitment to delivering homes and commercial spaces that are in tune with the modern demands of our customers.”

Assotech’s continued success is underscored by its strong market presence in key regions like Delhi NCR and Odisha. The company’s flagship project, Assotech Pride in Bhubaneswar, is a standout achievement. As Odisha’s first township project, it has already garnered significant attention, with more than 1300 saleable units sold in a record time of three months, with a total sales value of over 300 crore rupees. This achievement highlights Assotech’s ability to navigate market uncertainties and deliver projects that resonate with homebuyers.

Other notable developments include Assotech Hills in Ranchi, where the company has expanded its footprint with multiple projects in Morabadi, offering 1 to 3 BHK units that promise high-quality living spaces in a rapidly growing city. Meanwhile, Assotech The Blith in Gurugram and Assotech The Windsor Court in Noida continue Assotech’s tradition of offering luxurious residential options that cater to high-end consumers.

The Assotech Celeste Towers in Noida, with its premium 4 BHK apartments and penthouses, is set to redefine luxury living in the NCR region. These projects, along with the innovative Assotech The Nest and Assotech High Street in Ghaziabad, showcase Assotech’s broad capability to deliver in-demand residential and commercial properties that meet diverse consumer needs.

Assotech is also seeing a surge in demand for its commercial projects. Assotech High Street in Ghaziabad and Assotech 78 Street in Noida are poised to cater to the growing demand for prime retail and office spaces in rapidly developing areas. These projects are designed to meet the needs of businesses looking for high-visibility locations that offer convenience and accessibility.

Mr. Sanjeev Srivastva, Chairman and Founder of Assotech Group, emphasized the company’s forward-thinking approach, saying, “Our focus is not just on delivering properties, but on creating ecosystems where families can thrive and businesses can grow. We have always believed in taking a customer-first approach, and it is this philosophy that has helped us grow from a construction house into one of the leading real estate developers in India. The new projects we are launching are a direct reflection of this commitment to excellence and innovation.”

Assotech Group’s legacy spans over 45 projects and more than 40,000 units delivered. With a portfolio worth close to 33 billion rupees, the company is actively involved in residential, retail, office space, and hospitality sectors. Assotech’s forward-thinking approach to urban development, combined with a commitment to quality construction and timely delivery, ensures the company’s place at the forefront of India’s real estate market.

As Assotech continues to expand its reach across key regions, the company is positioning itself as a dominant player in the real estate sector. With projects underway in states such as Odisha, Jharkhand, Uttar Pradesh, and Haryana, Assotech is set to deliver more high-quality homes and commercial spaces to meet the growing demands of India’s dynamic urban landscape.

Mumbai, November 22, 2024: According to Knight Frank’s latest report – Quality Life-ing: Mapping Prime Residential Hotspots, India has been cited amongst the emerging markets in Asia-Pacific (APAC) along with Vietnam and Thailand to experience significant growth. India’s favourable policy environment, strengthening infrastructure and its standing as the fastest growing large economy in the world makes it one of the most compelling markets in the APAC region.

APAC’s prime residential[1] sector is one of the region’s most resilient asset, which has withstood the effects of the pandemic and the onslaught of higher interest rates. Prime residential prices in the region rose for the sixth consecutive quarter at 2.9% year-on-year (YoY) in Q3 2024, with 14 out of 23 markets tracked reporting stable or increasing prices. Manila and Tokyo have witnessed an annual price change of 29.2% and 12.8% respectively in their prime residential prices.

Mumbai ranks 3^rd on the annual prime residential price growth index for APAC region, recording a 11.5% YoY increase in luxury property prices in Q3 2024. Mumbai’s outperformance is in line with the performance of Indian stock markets. The investment sentiment remains very strong in the economy, and this is reflected in the growth of the equity indices which have scaled all-time highs, as well as the prime residential prices in this BFSI sector dominated city which saw equally strong price growth.

The city is noted to be 14^th most expensive APAC prime residential market at an average price of US$ 953 per sq ft as of Q3 2024. In the city, US$ 1 mn can secure approximately 103 sq m of prime real estate property.

Furthermore, Delhi ranked 5^th on the annual prime residential price growth index for APAC region, reporting a 6.5% YoY increment in luxury property prices. The city is noted to be 19^th expensive market with an average price of US$ 452 sq ft during Q3 2024.

Bengaluru ranked 7^th with prime residential prices growing by 4.8% YoY in Q3 2024. The average price for prime residential market in the city is recorded at US$ 255 per sq ft.

While it is an established offshoring destination, India is also transitioning to higher-value functions such as AI and blockchain, further enhancing its role in corporate business strategy and solidifying its position as a key player on the international stage. The Indian economy is expected to grow by 7.2% in FY 2025 according to the RBI driven by a growth-oriented policy and healthy business environment. Momentum in the residential market in India has significantly increased in 2024, with Q3 recording the highest quarterly sales of 87,108 units, representing a 5% year-over-year (YoY) increase while the premium end of the market grew by a much steeper 41% YoY during the same period.

Shishir Baijal, Chairman and Managing Director, Knight Frank India, said “India’s residential real estate sector is experiencing remarkable growth, fuelled by economic expansion, infrastructure advancements, and evolving consumer preferences. With Mumbai, Delhi NCR, and Bengaluru leading in prime residential price growth, the market is demonstrating resilience and establishing itself as a key hub for prime real estate investments. The interplay of a growing economy and evolving lifestyle aspirations positions India as a distinctive and attractive prospect for investment opportunities. “

Housing markets in the Asia-Pacific are broadly characterised by high home ownership aspirations amid persistent constraints in housing supply and sustained economic growth.

India has been cited market with the 3^rd highest home ownership rate of 87%, just behind Singapore at 90% and Vietnam at 88%.

Kevin Coppel, Managing Director, Knight Frank Asia-Pacific, shares, “As global wealth shifts and geopolitical landscapes evolve, affluent individuals are seeking prime residential hotspots that provide both lifestyle benefits and financial security. Markets like Singapore, Japan, and Australia continue to attract the world’s most discerning investors, offering not only strong economic fundamentals but also exceptional quality of life, infrastructure, and mobility. In this rapidly changing environment, Asia- Pacific remains a key destination for those looking to secure their wealth and future-proof their legacy.”

Knight Frank’s “Quality Life-ing” Report has identified Asia-Pacific as a premier lifestyle and investment destination, with Singapore standing out for individuals considering relocation. “Quality Life-ing: Mapping Prime Residential Hotspots” report evaluates 15 prominent markets based on five leading indicators: Economy, Human Capital, Quality of Life, Environment, and Infrastructure and mobility.

Singapore, Australia, Japan and Malaysia lead the rankings as Asia-Pacific’s leading lifestyle and investment hotspots according to Knight Frank’s Quality Life-ing Report

New Delhi, November 21, 2024 – The Indian rental market is witnessing a surge as the average gross rental yield across 13 prime cities reaches an impressive 3.62%, according to Magicbricks’ latest report.

The report highlights significant growth in cities like Chennai and Delhi, which have outperformed the national average. Chennai reported a remarkable 21.3% QoQ increase in rental yields, while Delhi saw an 8.8% rise.

Prasun Kumar, Chief Marketing Officer, Magicbricks, commented on the evolving investment landscape “For decades, homebuyers primarily sought properties for personal use or as a primary residence. However, today’s dynamic real estate market is shifting that trend, with residential investments offering better returns. Encouraged by rising rental yields, we expect many buyers to explore multiple property investments, even leveraging loans to do so.”

Interestingly, the highest rental yields are not in traditional investment hubs like Bengaluru or Delhi but in Ahmedabad, Hyderabad, Kolkata, and Pune. These cities are becoming hotspots for investors looking to maximize rental income.

Ahmedabad tops the list with a rental yield of 3.9%. The city’s average monthly rent has increased by 16.9% YoY to INR 19.35 psf, while property prices average INR 5,927 psf. The combination of affordable property rates and robust rental demand makes Ahmedabad a prime destination for investors.

Hyderabad saw rental yields rise from 3.5% in Q2 2024 to 3.7% in Q3 2024. Average monthly rents surged by 28.2% YoY to INR 25.17 psf, while residential prices experienced a modest 6.2% YoY increase to INR 8,188 psf.

Similarly, Kolkata offers balanced market dynamics with a rental yield of 3.7%. Average rents grew by 12.9% YoY to INR 22.14 psf, attracting investors seeking stable returns in a city known for its affordable living and increasing job opportunities.

Both Hyderabad and Kolkata stand out due to their influx of tenants, driven by burgeoning employment opportunities and cost-effective lifestyles.

For investors, the current market conditions present an opportune moment to capitalize on rental income and property appreciation. With demand remaining robust across major urban centers, these high-performing cities offer lucrative prospects for long-term gains.

Mumbai, 20 November 2024: The festive season has proven to be beneficial to Mumbai and Pune’s real estate markets, with industry statistics and sales numbers indicating a significant increase in buyer activity across the region. The Guardians Real Estate Advisory had the most festive sales turnover of ₹1,019 crore in the Mumbai Metropolitan Region (MMR) and Pune. The company reported 638 apartments sold, totaling more than 4.23 lakh square feet of carpet space, indicating increasing demand as buyers seek properties during this fortunate time of year.

According to the latest study, the surge in seasonal property sales is reflective of overall market strength. In October 2024, registrations in Mumbai’s property market increased by 22% year on year, to 12,960 units, up from 10,607 units in October 2023. The festival season, particularly Dussehra and Diwali, contributed significantly to these results, reflecting buyers’ renewed confidence in both residential and commercial real estate purchases.

In October, Mumbai’s high-value properties (priced above ₹2 crore) sold 2,876 units, or 22% of all registrations, up from 18% the previous year. This shift towards premium property investments indicates a changing buyer preference for high-end real estate, strengthening Mumbai’s reputation as a resilient, in-demand market.

Ram Naik, Co-founder & Director stated, “Festivals have a profound cultural link for buyers in India, and this year has demonstrated how closely these events are tied to high-value purchases. The holiday season has once again proved that homebuyers regard now as an advantageous time to make long-term investments in high-quality residences. This trend strengthens Mumbai and Pune’s position as significant hubs for residential and commercial development.”

According to Manan Shah, Managing Director – MICL Group, “Luxury real estate in Mumbai has seen an exceptional response over the past year, and this momentum has only intensified during the festive season. The evolving customer mindset towards luxury, especially in South Mumbai, reflects a sophisticated understanding of the value in high-end real estate. Buyers today not only seek prestigious addresses but also demand international-quality finishes, bespoke fitments, and lifestyle amenities that rival the best globally. At MICL, we’re attuned to these preferences, meticulously focusing on every aspect that defines world-class luxury, and the market’s positive response has been a testament to this commitment. Developers who prioritize uncompromising quality and understand the nuances of true luxury will continue to thrive in Mumbai’s ever-evolving real estate landscape.”

Echoing this, Amit Haware, CEO & Joint MD – Haware Properties stated, “This festive season has brought exceptional growth in real estate, particularly in the affordable housing sector, where we’ve seen strong demand. The dream of homeownership is becoming a reality for thousands of families, thanks to our partnership between Haware Properties and The Guardians. Together, we’re committed to making homeownership accessible, especially in the rapidly developing areas across the Mumbai Metropolitan Region. Enhanced connectivity and infrastructure are fueling this trend, creating promising opportunities for new homebuyers. This isn’t just a seasonal uplift—it’s a promising trajectory we expect to continue for the coming years.”

This trend has been reflected in The Guardians Real Estate Advisory’s sales success in 2024. This financial year, the company generated ₹515 crore in sales turnover on Akshay Tritiya, ₹350 crore during Dussehra, and ₹361 crore during Diwali week, showing a regular pattern of auspicious days attracting serious customers. The Guardians’ ₹1,019 crore sales turnover this season demonstrates buyer confidence in the long-term worth of real estate investments during the festival season.

As the market approaches 2025, the real estate sector anticipates that the festive pace will continue, with premium developments, auspicious-day transactions, MMR, and Pune leading the way.

New Delhi, November 18, 2024: Magicbricks, India’s leading real estate platform, published its latest Rental Update, highlighting that between July and September 2024, average rents increased 7.4% quarter-on-quarter (QoQ) across 13 major Indian cities[1] to INR 35.8 per square foot per month- the highest increase in the last 2 years.

Chennai recorded the sharpest increase at 22.2% QoQ, moving from INR 17.94 psf in Q2 2024 to INR 26.91 psf in Q3 2024. Delhi and Thane also saw significant jumps, with Delhi’s average rent rising 11.4% QoQ to INR 37.55 psf and Thane’s rent increasing 10.9% QoQ to INR 33.10 psf.

According to the report, Mumbai remains the priciest rental market at INR 86.50 psf per month, followed by Delhi at INR 37.55 psf and Navi Mumbai at INR 33.83 psf. Meanwhile, developing markets of Greater Noida (INR 15.48 psf), Noida (INR 21.32 psf), and Kolkata (INR 22.14 psf) are more affordable.

Elaborating on the same, Prasun Kumar, Chief Marketing Officer, Magicbricks “This year, rental demand has shown a strong quarter-on-quarter surge, driving rents to the sharpest increase we’ve seen over the past eight quarters. It’s evident that ready-to-move apartments are increasingly being purchased for self-use, contributing to a decline in rental supply. Meanwhile, the rise in under-construction supply suggests potential for market balance in the coming quarters, as more inventory becomes available.”

The report detailed that after a notable increase of 14.8% quarter-on-quarter (QoQ) in rental demand during the previous quarter (April to June 2024), the demand continued to increase, albeit at a slower pace of close to 2%. However, the supply of rental properties has not kept pace, declining by 6.7% QoQ in the third quarter (July to September). This imbalance between demand and supply has contributed to the upward pressure on rental prices.

The report concluded that gross rental yields across 13 cities reached 3.62%. Ahmedabad led with the highest yield at 3.9%, followed by Hyderabad, Kolkata, and Pune at 3.7% each. Chennai saw the largest QoQ yield growth at 21.3%, with Delhi, Hyderabad, and Navi Mumbai also reporting strong increases at 8.8%, 5.4%, and 5.3% respectively. However, Greater Noida, Gurugram, Kolkata, Mumbai, Noida, and Pune recorded declines as property price growth outpaced rental rate growth.