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Below is perspective on Knight Frank report on the Diwali registration data in Mumbai city by Mr. Ram Raheja - Director, S Raheja Realty

“Many Indian buyers wait for an auspicious day to sign the dotted line therefore the festive season has witnessed a spike in sales numbers. In the ultra-luxury segment; the festive season is not the sole determining factor for sales. The demand has been driven by the need for parking funds in a safe-haven investment and also the increased emphasis on the need for large living spaces with the work and study from home culture that has developed post pandemic. We have launched two new projects in 2020-21, Newlight and Z16; both luxury residential spaces in Mumbai, and are in process of launching 4 more by March 2022 due to the increasing demand. S Raheja Realty has sold homes worth of Rs 15 crore in the Diwali weekend.

Mumbai has performed exceptionally well with more fence-sitters taking the plunge and existing buyers seeking larger spaces. Residential real estate has entered an era of a new normal post-pandemic which is here to stay. Outlook for the current quarter is bullish as demand is expected to rise.”

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