India’s 26 Listed Real Estate Firms Achieve ₹34,985 Crore in Q2 Sales, Godrej Properties Leads
India's real estate sector saw strong growth in Q2 FY 2024-25, with sales bookings reaching ₹34,985 crore, according to data from 26 major listed real estate companies. Residential properties led the sales, highlighting a growing preference for trusted, branded housing. Godrej Properties was the top performer, recording the highest sales during this period.
Key Performers in Q2 FY 2024-25
- Godrej Properties: Securing its position as the sector leader, the company reported sales bookings of ₹5,198 crore. Its focus on premium residential projects and timely delivery continues to attract buyers nationwide.
- Macrotech Developers (Lodha Brand): With ₹4,290 crore in sales, Macrotech Developers excelled in Mumbai’s competitive market.
- Max Estates: Delhi-NCR-based Max Estates recorded ₹4,100 crore in sales, driven by robust demand for both residential and commercial spaces.
- Prestige Estates Projects Ltd: Bengaluru’s Prestige Estates garnered ₹4,022.6 crore, maintaining its stronghold in southern India.
- Signature Global: Focused on affordable housing in Delhi-NCR, the company achieved ₹2,780 crore in sales bookings, underscoring its popularity in the affordable segment.
- Brigade Enterprises Ltd: This Bengaluru-based developer posted ₹1,821 crore, benefiting from sustained demand in southern housing markets.
- Oberoi Realty: Mumbai’s Oberoi Realty reported ₹1,442 crore, showcasing the appeal of its luxury residential offerings.
- Puravankara Ltd: Known for its strong presence in Bengaluru, Puravankara recorded ₹1,331 crore in sales bookings.
- Sobha Ltd: Sobha delivered ₹1,178.5 crore in sales, highlighting its established position in southern markets.
- TARC Ltd: Delhi-based TARC achieved ₹1,012 crore, driven by strong demand for its affordable housing projects.
Notable Contributions from Other Developers
- Raymond Ltd: The company, relatively new to real estate, secured ₹950 crore, benefiting from its branded appeal in Mumbai.
- Sunteck Realty Ltd: With a focus on luxury projects, Sunteck Realty posted ₹890 crore in sales bookings.
- Arvind SmartSpaces: Based in Ahmedabad, this developer achieved ₹780 crore, showing steady growth in Gujarat.
- Mahindra Lifespace Developers Ltd: Sales bookings of ₹397 crore reflect the impact of limited inventory and regulatory delays.
- Ashiana Housing Ltd: This affordable housing-focused company secured ₹360 crore in sales, primarily in the northern region.
- Kolte-Patil Developers Ltd: Pune-based Kolte-Patil saw ₹340 crore in sales bookings, driven by consistent demand in western India.
- Keystone Realtors (Rustomjee Brand): Operating primarily in Mumbai, Keystone Realtors achieved ₹310 crore in bookings, supported by demand for high-quality developments.
- Ajmera Realty & Infrastructure Ltd: The company’s sales of ₹285 crore reflect its efforts to expand beyond its traditional Mumbai market.
- Arihant Superstructures Ltd: This Navi Mumbai-based developer recorded ₹270 crore, focusing on affordable housing projects.
- Arkade Developers Ltd: A newer entrant, Arkade Developers posted ₹260 crore in sales bookings.
- Suraj Estate Developers: With sales bookings of ₹210 crore, this company is steadily expanding its footprint in Mumbai.
Challenges Faced by Some Developers
- DLF Ltd: Despite being the largest by market capitalization, DLF reported ₹692 crore in sales—a significant drop from the previous quarter. Regulatory challenges and a lack of new launches contributed to this decline.
- Eldeco Housing & Industries Ltd: With ₹180 crore in sales bookings, Eldeco focused on projects in smaller cities, where demand was more muted.
- Ajmera Realty & Infrastructure Ltd: The company’s ₹170 crore in sales reflects slower activity in its core markets.
- Tata Housing Development Company Ltd: Known for its nationwide presence, Tata Housing posted modest sales figures of ₹150 crore, impacted by limited project launches.
- Equinox India Developments Ltd (formerly Indiabulls Real Estate Ltd): This company, undergoing a restructuring phase, recorded ₹120 crore in sales bookings.
Factors Influencing Consumer Demand
The strong performance of top developers is indicative of a shift in consumer behavior, where buyers are increasingly turning to reputable and reliable builders with a proven track record. This shift has been driven by the growing concern over project delays and legal disputes, which have plagued many buyers in the past. Notably, homebuyers are now gravitating toward well-known brands like Godrej Properties, Prestige Estates, and Macrotech Developers, as these companies offer greater assurance of timely project delivery and quality construction.
The increased demand for branded developers has also been fueled by the ongoing trend of homeownership becoming a more secure long-term investment, especially after the Covid-19 pandemic. Housing prices have risen significantly in recent years, pushing buyers to make more informed and cautious decisions.
India Real Estate Market Poised for Continued Growth
The second-quarter sales data for India’s listed real estate firms paints a picture of a resilient market that continues to benefit from strong consumer demand for residential properties. Developers with strong reputations, the ability to deliver on time, and a focus on quality construction are seeing significant rewards, while those without a proven track record are facing challenges.
The real estate sector is expected to maintain its growth trajectory, driven by factors such as pent-up demand, the desire for homeownership, and increasing consumer trust in established brands. As regulatory frameworks improve and developers continue to adapt to shifting market trends, the Indian real estate sector is set for further transformation, with branded developers leading the charge.
