India’s top 21 listed real estate developers have collectively sold properties worth nearly Rs 35,000 crore during the last quarter of June, with Godrej Properties reporting the highest sales bookings.
Except for a few, all major listed property developers have shown annual growth in sales bookings in the April-June quarter, driven by strong consumer demand for residential properties, especially luxury homes.
According to data compiled from regulatory filings, India’s top 21 listed real estate companies reported combined sales bookings of Rs 34,927.5 crore in the first quarter of fiscal year 2024-25.
Of these combined sales reservations, the majority of pre-sales came from the residential segment.
In terms of pre-sales, Godrej Properties emerged as the largest listed player in the June quarter with pre-sales of Rs 8,637 crore.
DLF Ltd, the country’s largest real estate company in terms of market capitalisation, reported a more than three-fold increase in its sales bookings to Rs 6,404 crore in the first quarter of this fiscal year.
Mumbai-based Macrotech Developers, which sells properties under the brand name ‘Lodha’, recorded pre-sales of Rs 4,030 crore.
Gurugram-based Signature Global, which recently went public, achieved sales bookings of Rs 3,120 crore in the June quarter, more than three times compared to the same period a year ago.
Bengaluru-based Prestige Estates Projects reported sales bookings of Rs 3,029.5 crore in the June quarter, lower than the corresponding period a year ago.
Bengaluru-based Sobha Ltd and Brigade Enterprises sold properties worth Rs 1,874 crore and Rs 1,086 crore, respectively, during the April-June period this fiscal.
Bengaluru-based Puravankara Ltd posted sales bookings of Rs 1,128 crore, almost unchanged compared to the same period last year.
Mumbai-based Oberoi Realty, which deals in the luxury housing segment, sold properties worth Rs 1,067 crore last fiscal.
Mumbai-based builders Mahindra Lifespace Developers Ltd and Keystone Realtors (Rustomjee) recorded sales bookings of Rs 1,019 crore and Rs 611 crore, respectively.
Pune-based Kolte-Patil sold properties worth Rs 711 crore, while Mumbai-based Sunteck Realty sold properties worth Rs 502 crore.
Bengaluru-based Shriram Properties has secured bookings for sale worth Rs 376 crore.
Delhi-based TARC Ltd and Ashiana Housing secured sale bookings for Rs 310 crore and Rs 235 crore respectively.
Ahmedabad-based Arvind Smartspaces Ltd sold properties worth Rs 201 crore, while Mumbai-based Ajmera Realty & Infrastructure Ltd reported pre-sales of Rs 306 crore.
Lucknow-based Eldeco Housing & Industries Ltd sold properties worth Rs 59 crore, while Mumbai-based Equinox India Developments Ltd (formerly Indiabulls Real Estate Ltd) achieved pre-sales of Rs 82 crore.
Mumbai-based Suraj Estate Developers Ltd reported a sales booking of Rs 140 crore in the first quarter of this fiscal year.
Booking data for many listed players was not available.
Industry experts attribute this increase in sales bookings by major listed players to strong housing demand following the Covid pandemic.
The real estate market is also witnessing a shift in consumer demand towards those real estate companies and brands that have a better track record in executing real estate projects.
Non-publicly traded property developers typically do not report their quarterly and annual sales bookings.
Tata Realty & Infrastructure Ltd, Adani Realty, Piramal Realty, Hiranandani Group, Embassy Group and K Raheja Group are major players in the unlisted space.
Post COVID pandemic, the Indian real estate market, especially the housing segment, has recovered dramatically thanks to pent-up demand and growing desire for home ownership.
Branded and well-known players, both publicly traded and non-listed, have benefited the most in this recovery cycle as homebuyers do not want to risk being stuck in real estate projects after making payments.
Thousands of buyers are still stuck in housing projects of builders like Unitech and Jaypee Infratech Ltd who failed to deliver the projects.
Homebuyers of Amrapali Group are getting back possession of their flats following the Supreme Court’s intervention.
Suraksha Group has won a bid to acquire Jaypee Infratech Ltd (JIL) through an insolvency process. The group has provided capital and is awarding construction contracts to complete around 20,000 unfinished apartments in Delhi-NCR.
Thousands of buyers of many NCR-based builders such as Unitech, Ansal API, Supertech Ajanara, The 3C Group and Today Homes are stuck and battling legal cases in state-level real estate regulatory authorities, courts and tribunals.
First published: September 1, 2024 | 22:46 IS
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