As Mumbai’s civic body, the Brihanmumbai Municipal Corporation (BMC), heads to the polls on January 15, real estate developers in the country’s largest property market are closely watching January 16, when the results are announced. Industry experts say a prolonged wait-and-watch approach adopted by developers—amid stalled environmental clearances and election-related uncertainty—could give way to a fresh wave of project launches in the first half of 2026.

With approvals now back on track following the Supreme Court’s clearance in August 2025 and multiple projects awaiting launch, the post-poll period may mark a turning point for Mumbai’s housing supply after a subdued 2025, according to a report by The Hindustan Times.

According to experts, there has been a fall in launches in the Mumbai and Pune real estate markets, which is partially attributable to stalled green clearances in 2025. However, supply is expected to pick up in the first half of 2026, which could trigger a ‘price war,’ ultimately benefiting homebuyers, they say.

Apartment launches in Mumbai have slowed in recent times. According to a recent ANAROCK report, supply in the Mumbai Metropolitan Region (MMR) fell 6% in 2025 compared to 2024. Similarly, a PropEquity report noted a 16% decline in Q4 CY25.

In general, across the top seven Indian cities, housing sales have dropped by 14% in 2025, to 3.95 lakh units, compared to 4.59 lakh units sold in 2024, according to a report released in December 2025 by Anarock, a real estate consultancy firm.

The report attributes the decline in sales to rising property prices, layoffs in the IT sector, geopolitical tensions, and other uncertainties that have impacted India’s residential growth momentum in 2025.

Across the Mumbai Metropolitan Region (MMR), sales fell by 18% in 2025 compared to 2024, with a total of 1,27,875 units sold. According to data analytics firm PropEquity, housing sales in Mumbai dropped 25% in Q4 CY25, while Pune and Thane recorded declines of 31% and 26%, respectively, during the same period.

According to experts, several developers have received approvals and are waiting to launch their projects post the BMC elections 2026 results on January 16.

“The green clearance issue was resolved 100 days ago when the Supreme Court lifted the stay on approvals. However, launches during Diwali and the festive season could not take place as developers had put projects on hold pending approvals, including RERA registration. We expect these launches to hit the market after the BMC polls in 2026, continuing up to Gudi Padwa in March. The last quarter of the financial year is likely to be particularly busy for new launches,” said a real estate expert.

The issue stemmed from a National Green Tribunal (NGT) order of 2024 that halted environmental clearances due to alleged lapses in State Environment Impact Assessment Authorities (SEIAA) appointments. With SEIAAs deemed improperly constituted, project approvals across the Mumbai Metropolitan Region and Pune came to a halt. The Supreme Court lifted the stay in August 2025, restoring the authorities’ clearance powers and reviving stalled real estate projects.