Developers Offer Attractive Festival Discounts To Drive Sales As The Gst 2.0 Impact Is Awaiting

The Indian real estate market has not seen any impact from GST 2.0 yet. Bookings in the early days of the new tax system started around the festive season, with attractive festival offers and discounts provided by developers.

GST 2.0 will not give any direct benefits to homebuyers. However, it has reduced tax rates on raw materials:

• Cement taxes reduced from 28% to 18%.
• Marble and granite block taxes reduced from 12% to 5%.
• Overall construction cost expected to drop by 3–5%, potentially increasing housing demand.

Real estate experts say it is still too early to see significant impact. Overall sales declined in the last quarter. Luxury segments and micro markets have seen a slight uptick. The festive season (Sharad Navratri, Durga Puja, Maha Ashtami, Maha Saptami, Dussehra, and Diwali) is expected to mark the peak property buying window.

Builders are offering festive benefits like gold coins, flexible payment plans, and price discounts. Leading developer Prestige Group reported that GST rate revisions did not affect bookings until September 22. Their new launch, Prestige Evergreen in Whitefield, has seen continuous sales growth.

Praveer Shrivastava, Senior Executive VP at Prestige Group, said: “We expect the festival season starting September 22 to boost home sales. We are launching the next phase of TPCI in Delhi-NCR, and three plotted developments in Bangalore during this festival period.”

Pradeep Aggarwal, Founder of Signature Global, said: “We are offering exclusive limited-time Navratri offers on premium projects. Buyers can pay 25% as the booking amount, receive gold coins, and stand a chance to win a luxury car.”

• Cash discounts of ₹100–200 per sq. ft.
• Gold coins
• Flexible payment plans
• Waiving of stamp duty charges
• Gold vouchers

Mid-range projects are offering combined savings of ₹3–4.5 lakhs. The 20–30% sales increase during this festive season is largely due to discounts rather than GST relief.

GST cutbacks have reduced building costs but will not impact ready-to-move projects as their prices are fixed. For under-construction projects, builders may use the savings to fund construction rather than reduce sale prices.

Prestige Group pre launch new project is Prestige Evergreen