India’s housing market has remained resilient this festival season (Dussehra-Diwali period), despite global macroeconomic challenges, tech-sector layoffs, and affordability pressures, with developers reporting 10-25 per cent year-on-year (Y-o-Y) rise in home sales across major cities.
This comes after 20 per cent Y-o-Y decline in overall housing sales across top seven cities during the first nine months of 2025.
Developers attribute the buoyancy to policy stability, infrastructure upgrades, and a growing preference for premium, ready-to-move-in homes.
According to Anarock Research, about 102,000 housing units had been sold across the top seven cities during the festival quarter (October-December) of 2024. “We expect similar sales this year as well,” said Anuj Puri, chairperson of the Anarock group.
Festival-season sales in metros were driven by the mid-premium and luxury segments, as buyers sought larger homes, superior amenities, and reputed developers. Dhaval Ajmera, director (corporate affairs) of the Ajmera group, said the company was expecting festival demand to grow by 8-10 per cent this year.
“More consumers are upgrading to premium properties.
The mid-luxury segment, particularly 2BHK and 3BHK homes priced between ₹2 crore and ₹5 crore, is seeing the
highest traction,” he said.
Ajmera said modern amenities and connectivity had become decisive factors. “We’re seeing sustained demand for ready-to-move-in homes and projects by reputed builders offering quality and timely delivery. Larger configurations and combination flats are becoming increasingly popular,” he added.
In Mumbai, the country’s largest housing market, activity surged during the festival period.
Shahid Balwa, vice-chairperson and managing director (MD) of Valor Estate, said property registrations rose to 10,630
units during Navratri-Ganesh Chaturthi — up 23 per cent from 8,604 a year earlier.
Balwa attributed the trend to cultural sentiment, attractive developer schemes, and large infrastructure projects, such as the Mumbai Trans Harbour Link, Navi Mumbai International Airport, and metro expansions. “Stable loan rates and goods and services tax (GST) rate
relaxations have encouraged purchases, while tangible assets like real estate continue to
attract investors,” he said.
In the National Capital Region (NCR), Pradeep Aggarwal, chairperson of Signature Global, described this festival quarter as one of the most positive in recent years.
“Momentum is strong in the mid and premium segments. GST reforms and repo rate cuts have streamlined costs and improved affordability. With the repo rate steady at 5.5 per cent, buyer sentiment remains buoyant,” he said.
Sudeep Bhatt, director (strategy) of Whiteland Corporation, said bookings increased by 10-15 per cent across major cities.
In Pune, Krisala Developers MD Aakash Agarwal called this Diwali an “inflexion point” for the city’s housing market. “We expect a 15-20 per cent rise in festival-season bookings compared to 2024,” he said.
Anarock’s Puri said listed realty developers outperformed smaller players, with strong sales and collections despite a broader market slowdown. “This marks a structural shift toward consolidation, with large, organised developers benefiting from diversified portfolios, robust cash flows, and stronger brand equity,” he said.
Industry leaders said consistent monetary policy and steady loan rates had strengthened buyer sentiment this festival season. Amit Jain, chairman and MD, Arkade Developers, said: “The festival-season surge isn’t just a short-term boost — it reflects deeper structural confidence in Mumbai’s housing market.”
Jain said site visits, enquiries, and conversions had risen. “Buyers today are driven by lifestyle aspirations — comfort, security, and community are central. The optimism underscores real estate’s enduring role as a source of stability and long-term value,” he said.
In southern markets, sales momentum remained steady despite global headwinds. “The expansion of global capability centres in India has supported housing demand, especially in Bengaluru. GST rationalisation has further improved sentiment. Even after three record years, the momentum holds firm,” said Sunil Pareek, executive director, Assetz Property Group.
“There is definitely positive sentiment around the festival season,” said Praveer Srivastava, senior vice-president, Prestige Group. “In fact, not only the festival period but the entire third quarter —covering Dussehra, Diwali, and Christmas — is typically the strongest for the residential segment. This is also when many NRIs travel, driving additional demand. We usually see a 20-25 per cent increase in sales during this quarter compared to the preceding one.”
Across cities, buyers increasingly prefer branded, amenity-rich, and environmentally sustainable homes. Niranjan Hiranandani, chairperson of Naredco, called the festival period “an encouraging signal for the sector”. His group recorded strong enquiries and conversions across projects in Powai, Thane, Panvel, Alibaug, and Chennai.
Hiranandani said developers were aligning launches with specific demand pockets — mid-segment family housing in urban centres, premium projects in prime locations, and ready-to-move-in inventory in Tier-II cities. “Buyers now favour larger, ready or near-ready homes with wellness-focused amenities, while the fear of missing out on quality stock adds urgency.
He added that sector consolidation, stronger balance sheets, and greater transparency had reinforced trust. “We’ve seen a 12-15 per cent compound annual growth rate in festival sales. Buyers today reward predictability, transparency, and brand reliability,” he said.
Home run
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23% Y-o-Y jump in Mumbai registrations during Navratri-Ganesh Chaturthi -
₹2-5 crore mid-premium and luxury homes lead demand, especially 2BHK–3BHK ready units -
Listed developers outperform smaller peers as buyers favour trusted, branded, players -
20% drop in housing sales across top cities in 9MCY2025
(With inputs from Gulveen Aulakh)
