Housing pre-sales of 28 listed realty firms slide to Rs 40,000 crore in Q1 FY27

India's leading listed real estate developers recorded a 21 per cent decline in their combined sales bookings during the April-June quarter of 2026-27, with fewer project launches by some large companies and cautious homebuyer sentiment pulling pre-sales down to nearly Rs 40,000 crore.

The combined sales bookings, or pre-sales, of 28 major listed real estate companies stood at Rs 39,964 crore during the quarter, compared with Rs 50,900 crore in the corresponding period a year earlier, according to data compiled from investor presentations.

Housing accounted for the overwhelming share of bookings, although the performance varied sharply across developers. While 19 of the 28 companies reported year-on-year growth, steep declines at some large developers dragged down the industry's overall numbers.

Godrej takes top spot

Godrej Properties emerged as the largest listed developer by sales bookings during the quarter, recording pre-sales of Rs 8,651 crore. This marked a significant increase from Rs 7,082 crore in the same period last year.

Prestige Estates Projects ranked second with bookings of Rs 6,579.3 crore. However, the Bengaluru-based developer saw a sharp decline from Rs 12,126.4 crore a year earlier.

Lodha Developers occupied the third position as its pre-sales increased moderately to Rs 4,630 crore from Rs 4,450 crore.

Sobha registered one of the strongest performances among the larger developers, with sales bookings jumping to Rs 3,656 crore from Rs 2,079 crore.

Signature Global was fifth despite its bookings declining to Rs 1,970 crore from Rs 2,640 crore in the year-ago quarter.

DLF sees sharp fall

DLF, India's biggest listed real estate company by market capitalisation, recorded one of the steepest falls. Its sales bookings plunged to Rs 657 crore from Rs 11,425 crore a year earlier.

The sharp decline came as DLF did not launch any new project during the first quarter of FY27, highlighting the impact that the timing of launches can have on quarterly pre-sales.

Oberoi Realty's bookings fell to Rs 1,049.88 crore from Rs 1,638.68 crore, while Brigade Enterprises reported a more modest decline to Rs 1,061 crore from Rs 1,118 crore.

Keystone Realtors saw pre-sales drop to Rs 617 crore from Rs 1,068 crore, while Aditya Birla Real Estate reported bookings of Rs 329 crore against Rs 422 crore a year ago.

Ashiana Housing's sales declined to Rs 358 crore from Rs 431 crore, while Eldeco Housing & Industries reported bookings of Rs 105.7 crore, down from Rs 221.1 crore.

Several developers buck trend

Despite the overall contraction, a number of developers delivered substantial growth.

Max Estates' sales bookings surged to Rs 1,093 crore from just Rs 217 crore, while Embassy Developments recorded Rs 868 crore against Rs 198 crore in the corresponding quarter last year.

Mahindra Lifespace Developers more than doubled its bookings to Rs 925 crore from Rs 449 crore. Raymond Realty also registered a more than two-fold increase, reaching Rs 700 crore from Rs 306 crore.

Puravankara's pre-sales increased to Rs 1,439 crore from Rs 1,124 crore, while Kalpataru reported Rs 1,329 crore compared with Rs 1,249 crore.

Sunteck Realty recorded sales of Rs 787 crore, up from Rs 657 crore, while TARC's bookings climbed sharply to Rs 602 crore from Rs 225 crore.

Arvind SmartSpaces recorded Rs 432 crore in bookings compared with Rs 175 crore, while Sri Lotus Developers saw sales surge to Rs 409 crore from Rs 61 crore.

Shriram Properties posted Rs 484 crore in sales bookings against Rs 441 crore, while Kolte-Patil Developers remained broadly flat at Rs 617 crore compared with Rs 616 crore.

Among the smaller listed developers, Arihant Superstructures' pre-sales increased to Rs 173.1 crore from Rs 150.6 crore. Arkade Developers reported Rs 155.1 crore against Rs 142 crore, Ajmera Realty & Infrastructure rose to Rs 146 crore from Rs 108 crore, and Suraj Estate Developers increased its bookings to Rs 141 crore from Rs 81 crore.

Launch pipeline key to recovery

Real estate consultants attributed the overall decline primarily to the absence of major launches by some large developers, the high base created by strong sales in the previous year and greater caution among prospective homebuyers amid global economic uncertainty, including the continuing conflict in West Asia.

The fact that 19 of the 28 companies still achieved sales growth indicates that the headline decline was disproportionately influenced by a handful of large developers.

Industry observers expect sales bookings to improve from the second quarter as companies roll out new housing projects and launch pipelines gather momentum.

Pre-sales have become an important indicator for assessing the operational performance of listed developers because they provide an early picture of demand before the corresponding revenue appears in financial statements.

Revenue from these bookings is generally recognised as construction progresses and projects meet the applicable accounting criteria, creating a time lag between property sales and reported revenue.

The industry-wide picture is also broader than the listed-company numbers suggest. Several listed developers do not disclose sales bookings, while most privately held real estate companies do not publish comparable quarterly or annual pre-sales figures.