As Navratri 2025 begins, many prospective homebuyers in Mumbai are hoping for festive discounts and benefits from recent GST cuts. But industry experts warn that the excitement may be premature—real festive deals are limited this season, with major project launches expected only in early 2026.
Why are festive offers limited this Navratri
Developers in Mumbai have not rolled out aggressive festive discounts this Navratri. Instead, the market is dominated by flexible payment plans rather than flat price cuts. The key reason: muted new launches in 2025, largely caused by delays in securing environmental clearances (ECs). Although the Supreme Court lifted the stay on ECs in August 2025, developers are still awaiting key approvals like commencement certificates (CC) and RERA registrations.
With fewer launches, existing inventory is being absorbed gradually, reducing pressure on developers to lure buyers with heavy festive offers. Experts say real activity will resume only between Makar Sankranti and Gudi Padwa (January–March 2026), when a surge of new launches is expected.
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GST cuts raise hopes—but benefits may take time
On September 22, the first day of Navratri, GST 2.0 reforms came into effect, slashing tax rates on construction materials:
- Cement & ready-mix concrete: 18% (down from 28%)
- Bricks, tiles & sand: 5% (down from 18%)
- Paints & varnishes: 18% (down from 28%)
While this has sparked hopes of cheaper homes, developers say buyers should not expect immediate price reductions. Construction contracts signed earlier lock in fixed costs, meaning the benefits of cheaper materials will only reflect in new projects starting next year.
A developer from Mumbai’s eastern suburbs explained:
“Unless steel, cement, logistics, and other industries pass on cost reductions to us, we cannot transfer benefits to buyers. Even then, the impact will be minimal and may only be visible in mid-2026 projects.”
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Current sales and launch trends in Mumbai, Thane, Pune, and Navi Mumbai
According to PropEquity data (Q3 2025):
- Housing sales in MMR + Pune: Fell 17% YoY to 49,542 units
- Regional share: Dropped from 57% in 2024 to 49% in 2025
- Declines by market: Thane (–28%), Pune (–16%), Mumbai (–8%), Navi Mumbai (–6%)
- Quarterly changes: Mumbai (+18%) and Navi Mumbai (+1%) saw gains, Thane declined (–11%), Pune remained flat
New launches also dipped by 5% in MMR and Pune combined. While Mumbai (–40%) and Thane (–28%) saw fewer launches, Pune (+49%) and Navi Mumbai (+12%) bucked the trend with more activity.
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What lies ahead for buyers
Real estate consultants predict that the real momentum will build up in early 2026, once delayed approvals clear and developers launch projects in bulk. That period is expected to bring:
- Fresh festive schemes tied to Makar Sankranti and Gudi Padwa
- Potential reflection of GST savings in newer project costs
- More competition among developers, which could benefit buyers
For now, the festive season may feel underwhelming for Mumbai’s homebuyers, but the big action is just a few months away.
