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Mumbai homebuyers take longer to book homes this Diwali despite higher walk-ins, experts cite geopolitical uncertainty, and rising prices
Mumbai real estate: Experts said developers are rolling attractive festive offers amid Diwali, but homebuyers are cautious, spending time evaluating projects
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Mumbai real estate market is witnessing encouraging walk-ins and homebuyer enquiries ahead of Diwali 2026 this festive season, but converting prospective homebuyers into confirmed bookings is taking longer, with experts attributing the trend to rising property prices, increased project launches and geopolitical uncertainties.
Experts say while developers are rolling out attractive festive offers to boost sales, homebuyers are increasingly cautious, spending more time evaluating projects, affordability and market conditions before committing to a purchase.
Sales conversion cycle has slowed down
According to real estate experts, walk-ins and enquiries are higher compared to the corresponding period last year. However, the conversion cycle has slowed, reflecting a shift in buyer sentiment.
"Walk-ins and enquiries have been encouraging and are higher compared to the corresponding period last year. However, the conversion cycle has become slower. There are three key reasons for this. First, property prices have increased, making buyers more deliberate about their purchase decisions," said Abhishek Kiran Gupta, Founder, CRE Matrix.
"Second, the continued pace of new launches has expanded the range of choices available, sometimes leading to confusion and longer evaluation periods. Third, global uncertainties are influencing buyer sentiment, with customers increasingly preferring to wait and assess the market rather than rush into a purchase. So, while interest remains healthy, converting that interest into actual bookings is taking longer," Gupta said.
According to Gupta, the overall home buying sentiment is more measured during Diwali 2026, compared to last two years.
"The overall sentiment in 2026 is more measured compared to 2024 and 2025, particularly given the stronger global headwinds arising from geopolitical conflicts, volatility in financial markets and uncertainty around the impact of AI on employment and economic growth," Gupta said.
He attributed this to three key factors: rising property prices, which have made buyers more deliberate; a steady stream of new launches, which has expanded choices and sometimes created confusion; and global uncertainties that are prompting prospective buyers to wait and assess the market rather than rush into a purchase.
Developers say festive period traction is very selective
According to real estate developers, even during festive season, homebuyers are very thoughtful and selective about making decisions, and are taking more time to seal the deal.
"The broader market remains active, although festive-period transactions have become more selective. We believe buyers are spending additional time comparing projects, evaluating affordability and examining developers’ delivery records before making decisions. There are clear indications that converting an enquiry into a confirmed booking has become more challenging, " said Jitendra Mehta, Senior Vice President, CREDAI-MCHI, an apex body of real estate developers in Maharashtra.
Festive offers by developers
According to real estate experts, developers are largely focusing on flexible and tailored made flexible payment options, but several are also offering the usual zero stamp duty, foreign tours, among others to sweeten the deal.
"Payment-linked schemes, which gained traction during last Diwali, continue to remain part of developers' offerings this festive season," Gupta said.
"These include waivers on floor-rise charges and stamp duty, along with benefits such as free two-wheelers and cars. The focus has shifted towards offering tangible financial and lifestyle benefits that make the overall purchase proposition more attractive to homebuyers," Gupta said.
"Developers are increasingly moving away from conventional discounts and promotional gifts towards financial incentives that offer genuine value. Foreign holidays, luxury gifts and other promotional schemes can generate initial interest, but they may not be the deciding factor in a home purchase. The more effective approach is to provide genuine financial flexibility," Mehta said.
Luxury housing transactions are not driven by festivals
According to Ram Raheja, MD of S Raheja, which is selling apartments in the Mumbai real estate at a price range of ₹10 crore to ₹50 crore, luxury real estate operates on different buying cycle and purchase decisions on driven by festivals.
"Luxury real estate operates on a different buying cycle and purchase decisions in this segment are not necessarily driven by festivals. Many of our buyers travel during Diwali, so festive periods do not directly determine our sales momentum," Raheja said.
Housing sales data
According to Gupta, CRE Matrix data indicates that Mumbai's residential market recorded a 2.3% increase in unit sales in Q3 2026 over Q3 2025, while sales value grew by 9.4%.
"This suggests that the market continues to see activity and value growth, although buyers are becoming more selective and taking longer to make purchase decisions," Gupta said.
According to a report released by JLL India, a real estate consultancy firm on November 5, housing sales across the country’s leading seven urban markets climbed 6% year- on-year (Y-o-Y) to reach 214,562 units in the first nine months (January to September).
The highest sales growth was reported in Chennai and Bengaluru, while Mumbai and Pune reported a minor drop in sales. On the other hand, sales value grew by 15% in Q3.
According to Privyr’s 2026 survey, 71% of surveyed organisations reported requiring at least four follow-ups to convert a serious enquiry into a booking. More significantly, approximately 44% reported requiring eight or more follow-ups.
