Listed developers see best-ever quarter as pre-sales surge 45% to ₹43,200 cr, outpacing weak industry trends

Listed developers saw their best-ever quarter (April-June quarter of 2025-26), with total pre-sales growing 45% to ₹43,200 crore and achieving 31% of the targeted ₹1.4 lakh crore sales(+20% yer-on-year; all further growth figures to be in YoY) and gaining further market share, according to the latest sectoral analysis of the tracked real etstae companies by brokerage Kotak Institutional Equities.

Prestige and DLF led the growth momentum with quarterly sales of ₹12,100 crore and ₹11,400 crore, respectively. The industry had a modest start in terms of sales growth at 9%, aided by a 13% increase in blended realisations and a 4% decline in volumes at 238 mn sq. ft in Q1 FY26. Here are the key real estate trends observed in Q1 FY26.

Mixed real estate trends across cities

All-India residential sales in 1QFY26 were modest at 238 mn sq. ft (-4%), with lower launches of 229 mn sq. ft (-12%). The average realisation rose 13% to ₹9,158/sq ft, leading to sales value growing 9%. The weakness in sales volumes was led by MMR, which saw a 19% drop in sales at 32.4 mn sq. ft. on the back of a 51% drop in the launches at 24 mn sq. ft. NCR continued its strong momentum, with sales of 32.6 mn sq. ft, a 43% growth, on the back of 41% growth in the launches at 36.5 mn sq. ft. The key cities of Gurugram and Greater Noida saw strong growth, while Ghaziabad benefited from the Prestige launch. Pune was also weak, with sales dropping 22% at 23.9 mn sq. ft as launches declined 28%.

Measured inventory levels; pricing growth healthy

The inventory across India fell 3% to 1.5 bn sq. ft as of June 2025, at 1.5 years of trailing 12-month sales. The average realisation saw 13% growth at ₹9,158/sq. ft. in Q1 FY26, led by Ghaziabad at ₹10,966/sq. ft. (up 58% yoy, due to Prestige launch), and Greater Noida (₹10,204/sq. ft), Gurugram (₹20,990/sq. ft.), Chennai (₹8,247/sq. ft.), Bengaluru (₹9,975/sq. ft), and Mumbai (₹25,196/sq. ft).

Strong quarter for listed developers

The developers tracked by the brokerage included Oberoi, Suntech, Godrej, Brigade, Sobha, Prestige, DLF, Lodha and Signature. The real estate players reported their best-ever quarterly pre-sales of ₹43,200 crore, a 45% growth, with all-India market share rising to 20%. The strong growth was led by Prestige (+300% off a weak base) and DLF (+78% off a low base), and Godrej (-18% on a strong base). NCR contributed strongly to the coverage players’ pre-sales. The cumulative collections stood at ₹23,300 crore, aided by new launches and completions—the second-best quarter ever, after ₹23,800 crore collections in Q4 FY25.

Large launch pipeline; 20% pre-sales growth achievable

Having closed FY2025 with total pre-sales of ₹1.17 lakh crore, up 19%, the companies tracked by Kotak Institutional Securities guided for ₹1.4 lakh crore (~20% yoy) of aggregate pre-sales in FY2026E, and have already achieved 31% of the full-year guidance in the seasonally weaker quarter. "The full-year launch pipeline of ₹1.8 lakh crore across players should support the pre-sales performance for the rest of the year. Leverage for the listed developers remains low, aided by healthy cash generation as well as equity raises. The strong balance sheets would allow companies to invest in new land parcels, aiding future growth."