This festive season, homebuyers should not expect fresh policy announcements or subsidies, said Manish Sheth, Managing Director & CEO of JM Financial Home Loans. With existing Central and state housing schemes performing strongly, Sheth believes these initiatives—along with builder incentives, a rising middle class, and infrastructure-led urban growth—will continue to fuel housing demand.

He also highlighted affordability measures such as GST rationalisation on cement and stressed the importance of cautious investment diversification in real estate.

“We do not expect any fresh developments as many of the already rolled-out schemes have been faring well. For example, 8.56 lakh homes have already been sanctioned under PMAY 2.0,” Sheth said.

“To ensure that this number increases rapidly, Angikaar 2025 campaign was announced on the PMAY-U Awas Divas held on September 17, 2025 to create awareness amongst the eligible beneficiaries,” he said.

He added that recently launched state-level programmes such as the Maharashtra Housing Policy 2025 and Delhi Development Authority’s new schemes would begin to show results in the coming months, further aiding home purchases.

On stamp duty waivers and freebies offered by builders, Sheth said they work both as marketing tools and as real savings for buyers.

“Utility savings such as discounts in per square foot rate, property registration fee waivers, interior fit-outs, etc. could turn out to be substantial savings for the customers,” he noted, while cautioning buyers to evaluate builders’ delivery track records before committing.

The demand for mid-segment housing has tripled in the past four years. Sheth attributed this to India’s rising middle class, projected to reach 600 million by 2030.

“With dual-income households and higher disposable incomes, buyers increasingly aspire for well-planned and connected communities,” he said, adding that urbanisation, infrastructure growth, and RERA compliance have also spurred the trend.

For affordability, GST rationalisation could make a tangible difference. Sheth highlighted the reduction of GST on cement from 28% to 18%.

“This may reduce 3–5% of the overall construction costs, as cement accounts for nearly a third of material costs in a project. Developers now need to ensure these benefits are passed on to homebuyers,” he said.

On the role of real estate in an investment portfolio, Sheth emphasised the importance of diversification.

“The diversification between real estate and financial instruments such as REITs helps in spreading risks across multiple buckets and insulating the investments from local market scenarios. However, one needs to factor in the investment goals and risk tolerance before making such choices,” he said.