Every October, the same full-page ads show up: free stamp duty, “no EMI till possession”, a gold coin with every booking. Some of these festive offers in real estate save you real money. Others just move a cost somewhere you won’t spot until after you sign. If you’re still working out whether to buy at all, start with our guide to buying, renting and investing in real estate in India in 2026. If you’ve already started visiting sites this Navratri, this piece puts a rupee value on each offer and lists the clauses to read before you pay a token amount.
Why builders launch offers between Navratri and Dhanteras
Part of it is tradition. Many families see Navratri, Dussehra and Dhanteras as good times to buy a home. This year, Sharad Navratri began on 11 October, Dussehra falls on 20 October and Dhanteras on 6 November, so the offer season runs for about four weeks.
The bigger reason is inventory. According to ANAROCK, the top seven cities sold about 1,00,220 homes in July–September 2026, while developers launched about 1,14,320 new units. That left roughly 6,30,590 unsold homes across those cities at the end of September, 12% more than a year earlier.
When supply is running ahead of sales, builders need bookings, but most of them would rather not cut the per-sq-ft rate. A visible price cut hurts buyers who have already booked and resets the price for the whole project. A “freebie” doesn’t. Read the offers with that in mind: most are discounts made to look like something else.
Offer 1: Free stamp duty, and what it’s really worth
Stamp duty is a state levy, and by law the buyer pays it. When a builder says “free stamp duty”, they mean they will cover that amount, either by reimbursing you or by adjusting it in the price.
In Mumbai, stamp duty is 6% for a male buyer (5% duty plus 1% metro cess) and 5% for a woman buying on her own. Registration is 1%, capped at Rs 30,000. On an Rs 80 lakh flat bought by a man, that comes to:
- Stamp duty at 6%: Rs 4,80,000
- Registration: Rs 30,000
- Total: Rs 5,10,000
That’s real money. But check three things before you count it as savings:
- Does it cover registration too? Many offers cover stamp duty only.
- Is the base price the same as last month? Ask for the pre-offer price sheet. If the rate per sq ft has gone up by about 6%, the stamp duty is still coming out of your pocket.
- Is it written into the agreement for sale? A line on the booking form or in a WhatsApp message is hard to enforce.
Another catch: in Maharashtra, stamp duty is charged on the agreement value or the ready reckoner value, whichever is higher. If the builder offers a straight discount that pulls the agreement value below the ready reckoner rate, your stamp duty doesn’t fall with it.
Offer 2: “No EMI till possession” (subvention), and what happens if the builder delays
This is the offer that has hurt buyers most, so it gets the most space here.
What is a subvention scheme?
A subvention scheme is a three-way deal between a homebuyer, a builder and a lender. The buyer takes the home loan, the bank pays the money to the builder, and the builder pays the interest (pre-EMI) until possession. The buyer pays only a small down payment until then, but the loan stays in the buyer’s name.
That last line is the risk. The tripartite agreement makes the builder responsible for the interest, but it’s still your loan. If the builder stops paying, the bank comes to you.
This has already happened, at scale
- RBI warned about it in 2013. A circular dated 3 September 2013 named these “80:20” or “75:25” schemes. It said banks should tie loan disbursals to construction stages and not pay builders upfront on incomplete or under-construction projects. It flagged the risks: disputes, builders missing EMI payments, and projects running late.
- The Supreme Court found a “nexus” in 2025. More than 1,200 buyers in Noida, Greater Noida and Gurugram told the court that banks were asking them to pay EMIs on flats they had never received, after builders stopped paying. In April 2025, the court found a prima facie nexus between builders and banks and ordered CBI enquiries. By July 2025, the CBI had registered 22 cases and searched 47 locations.
For a buyer stuck in that position, the damage builds up quickly: EMIs on an unfinished flat, rent on the home you live in now, and a CIBIL score that drops if you refuse to pay.
If you still want it, insist on these
- Disbursal linked to construction stages, as RBI requires, not a lump sum paid upfront.
- A clear clause on what happens if the builder misses even one pre-EMI payment, and a way out for you.
- The price of the same unit without subvention. The gap is what the scheme really costs you.
- A lender you choose, not just the builder’s “tie-up” bank.
Offer 3: Gold coins, modular kitchens and “assured discounts”
These are the cheapest offers for the builder and the easiest to make sound big.
- Gold coins: Ask for the weight and purity in writing, then check the day’s rate. Next to a home that costs lakhs, a coin is worth very little. It shouldn’t decide anything.
- Modular kitchens, ACs, “fully furnished”: Ask for the brand, model and specifications in the agreement. “Modular kitchen” can mean a lot of things. If it isn’t written down, you can’t hold anyone to it at handover.
- “Assured discount” or “festive price lock”: A real discount reduces the agreement value. If the discount comes as a “cashback” after possession, or in parking or club charges, you’re relying on a promise, not a price.
- “Pay 10% now, rest at possession”: The construction-linked payment plan is fair, but check the RERA-registered completion date first. A flexible plan on a project that is running late just stretches out your wait.
A simple rule works: ask what the builder will take off the price if you skip the freebie. If they won’t give a number, the freebie probably isn’t worth much.
Worked example: what you actually save on an Rs 80 lakh flat
Take an under-construction 2BHK in Mumbai with an agreement value of Rs 80 lakh, a male buyer, and possession promised in 24 months. Under RBI’s loan-to-value rules, a home costing over Rs 75 lakh can be financed up to 75%, and stamp duty and registration aren’t counted in that cost. So the maximum loan is Rs 60 lakh.
| Offer | Headline value | What can cancel it out |
|---|---|---|
| Free stamp duty + registration | Rs 5,10,000 | A ~6% increase in the base rate wipes it out completely |
| No EMI till possession | About Rs 6,12,000 in pre-EMI interest* | A higher “subvention price”, and all of it is at risk if the builder defaults |
| Gold coin / kitchen | Whatever is written in the agreement | Nothing, if it’s specified in writing. Zero, if it isn’t. |
Now say the builder asks 3% more for the subvention version: Rs 82.4 lakh instead of Rs 80 lakh. That’s Rs 2.4 lakh extra on the price, plus about Rs 14,400 more in stamp duty at 6%. Your real gain from “no EMI” falls from roughly Rs 6.1 lakh to about Rs 3.6 lakh. In exchange, you take on the risk of the builder defaulting.
Also remember that GST applies to under-construction homes, generally at 5% without input tax credit (1% for homes that qualify as affordable housing). Ready-to-move flats with an occupancy certificate don’t attract GST. On an Rs 80 lakh under-construction flat, that 5% is about Rs 4 lakh, which can cancel out much of a “free stamp duty” offer. Weigh that before you choose a project only for its offers. For how this fits the bigger buy-or-rent decision, see our 2026 Indian real estate guide.
7 clauses to check before signing
- RERA registration number. Look the project up on your state RERA portal (MahaRERA, UP RERA, HRERA, K-RERA and so on). Check the declared completion date, quarterly progress updates and any complaints.
- Possession date and delay compensation. Under Section 18 of the RERA Act, if the builder misses the agreed date, you can claim a refund with interest or interest for every month of delay. Make sure the date in your agreement matches the one on the RERA portal.
- Escalation clause. The total price should be fixed. The only increases allowed should be government levies, backed by the authority’s notification. Strike out vague wording like “increase in input costs”.
- Every offer in the agreement itself. Stamp duty cover, pre-EMI responsibility, fittings, discounts. Brochures and booking forms don’t count.
- The advance you pay. Section 13 of the RERA Act bars builders from taking more than 10% of the cost as an advance before a registered agreement for sale. A “festive deadline” doesn’t change that.
- Carpet area. Price should be quoted on RERA carpet area, not “super built-up” area.
- Cancellation and refund terms. Find out how much is forfeited if you cancel, and how fast your money comes back if the builder cancels. Then read the subvention tripartite agreement line by line.
FAQ
Are festive property discounts real?
Some are. With unsold inventory high in most big cities, builders do have a reason to offer something. But the discount is real only if the final agreement value, all-inclusive, is lower than what you’d have paid before the offer. Compare price sheets, not ads.
What is a subvention scheme, and is it risky?
Under a subvention scheme, the bank pays your loan to the builder, and the builder covers the interest until possession. It’s risky because the loan is in your name. If the builder stops paying, the bank can ask you for the EMIs. That’s what led to the Supreme Court-ordered CBI cases in 2025.
Is buying a house during Navratri actually cheaper?
Not automatically. Navratri brings more offers, not necessarily lower prices. You’re more likely to get a better deal if you negotiate a lower base rate in place of freebies, and if you pick a project with a clean RERA record. That applies in any month.
Before you pay the token amount
A festive offer is worth taking only if it still makes sense once you take out the gold coin and the ad copy. Turn every offer into rupees, get the non-offer price, and don’t sign anything that isn’t in the registered agreement. RERA gives you real protection if things go wrong, but there are gaps in that protection too. Read what RERA actually protects you from, and what it doesn’t before you commit.
Sources: ANAROCK Research (Q3 2026 residential market data and 2025 annual data); RBI circular on upfront disbursal of housing loans, 3 September 2013; RBI loan-to-value norms for housing loans; Supreme Court proceedings on NCR subvention schemes, 2025, as reported; IGR Maharashtra stamp duty rates; The Real Estate (Regulation and Development) Act, 2016; state RERA portals. Stamp duty, GST and interest rates change, so confirm them with your sub-registrar and lender before you book.
