New Delhi 01st December 2023: NAREDCO has set a new benchmark for real estate exhibitions with the resounding success of the HOMETHON Property Expo 2023, held at the JIO World Convention Centre, BKC, Mumbai from November 24th to 26th 2023. The event was inaugurated by the chief guest and the brand ambassadors of the HOMETHON Property Expo, popular actor couple – Riteish and Genelia Deshmukh along with Shri. Atul Save, Housing Minister of Maharashtra. Event was also graced by Shri. Devendra Fadnavis, Dy. Chief Minister of Maharashtra.
The timing of the expo proved serendipitous, riding on the post-Diwali surge in home-buying momentum. According to research conducted by NAREDCO Maharashtra and The Guardians Real Estate Advisory 80% of Mumbaikars expressed a keen interest in mid-luxury housing. The festive season witnessed a 30% increase in property registrations between Navratri and Diwali, reflecting the positive sentiment among prospective homebuyers.
Key findings from the research include:
Demographic Insights: The majority of visitors, constituting 75% to the property expo fell within the 35 to 45 age group bracket, emphasizing the active participation of the younger demographic in the real estate market.
Geographical Preferences: 75% of the visitors were looking to purchase homes in Mumbai and the Mumbai Metropolitan Region (MMR). Among these, 80% were specifically interested in mid-luxury properties in Mumbai, Thane, and Navi Mumbai. The remaining 20% were divided between affordable and high-end luxury options in Mumbai and MMR.
Sales Impact: Developers participating in the expo reported substantial sales, with notable transactions such as MICL selling units in Aaradhya Avaan project at Tardeo and Atharv Lifestyle selling apartments at their Vile Parle project.
Finance Dynamics: The State Bank of India played a significant role in supporting homebuyers’ dreams, sanctioning over 40 loans during the HOMETHON Property Expo 2023.
Sales Drivers: Stable interest rates and a growing aspiration among homebuyers to upgrade to larger, more spacious homes emerged as key factors contributing to higher sales.
Mr. Jay Morzaria, National President NAREDCO NextGen and Director-Vraj Group, expressed his enthusiasm about the event’s success, stating, “The research underscores a significant demand for real estate, with attendees seizing opportunities at property expos like HOMETHON 2023. These events provide platform for home buying and financing options, including exclusive deals from developers and banks under a single roof. “
Rajan Bandelkar, Vice Chairman, NAREDCO says, “NAREDCO Maharashtra is committed to fostering an ecosystem of trust, transparency and innovation which has significantly improved home buyer sentiments. HOMETHON Property Expo 2023 has proved to be perfect platform for developers to showcase their premium projects to home buyers at special discounted rates.”