In FY24, 18 major listed real estate developers in India sold properties worth INR 1.17 lakh crore, driven by strong demand for residential properties, especially luxury homes. Godrej Properties led with sales of INR 22,527 crore, followed by Prestige Estates at INR 21,040 crore and DLF at INR 14,778 crore. The combined sales bookings rose 33% from the previous year. This rise is attributed to post-COVID housing demand and a shift towards trusted brands. Significant performers included Macrotech Developers, Signature Global, Sobha Ltd, and Brigade Enterprises, highlighting robust pre-sales in major cities across India.
In FY24, India's real estate developers, including Godrej Properties, Prestige Estates Projects, and DLF, recorded substantial sales bookings driven by a robust demand for residential properties, particularly luxury homes. Eighteen major listed developers sold properties worth INR 1.17 lakh crore, with Godrej Properties emerging as the largest player, posting INR 22,527 crore in sales. Most developers saw increased sales compared to the previous fiscal year, highlighting the market's recovery.
This surge was largely fueled by strong demand for residential properties across major cities, with luxury homes being particularly sought after. Many developers achieved record pre-sales in FY24, capitalizing on the growing consumer demand. Data from regulatory filings indicates that these eighteen listed realty firms collectively reported sales bookings of approximately INR 1,16,635 crore in FY24, a 33% increase from nearly INR 88,000 crore in the preceding year. The majority of these sales were in the residential segment.
Industry experts attribute this growth to the post-COVID housing demand surge and a shift in consumer preference towards established brands with strong track records in project execution. Godrej Properties led the market with pre-sales of INR 22,527 crore, followed by Bengaluru-based Prestige Estates Projects with INR 21,040 crore. DLF, the country's largest realty firm by market capitalization, achieved sales bookings of INR 14,778 crore.
Mumbai-based Macrotech Developers, known for selling properties under the 'Lodha' brand, recorded pre-sales of INR 14,520 crore. Signature Global, a relatively new entrant from Gurugram, performed exceptionally well, achieving sales bookings of INR 7,270 crore, more than doubling its previous fiscal's performance. Bengaluru firms Sobha Ltd and Brigade Enterprises sold properties worth INR 6,644 crore and INR 6,013 crore, respectively. Another Bengaluru-based company, Puravankara Ltd, recorded sales bookings of INR 5,914 crore.
In the luxury segment, Mumbai's Oberoi Realty sold properties worth INR 4,007 crore. Pune-based Kolte-Patil reported sales of INR 2,822 crore. Mumbai's Mahindra Lifespace Developers Ltd and Keystone Realtors (Rustomjee) each reported sales bookings of INR 2,328 crore and INR 2,266 crore, respectively. Sunteck Realty, also headquartered in Mumbai, recorded sales of INR 1,915 crore.
National capital-based Ashiana Housing achieved sales bookings of INR 1,798 crore. Ahmedabad's Arvind Smartspaces Ltd sold properties worth INR 1,107 crore, while Mumbai-based Ajmera Realty & Infrastructure Ltd reported pre-sales of INR 1,017 crore. Lucknow's Eldeco Housing & Industries Ltd and Mumbai-based Indiabulls Real Estate Ltd recorded sales of INR 388 crore and INR 280 crore, respectively.
Sales data for some listed players, like Omaxe, was unavailable. Unlisted developers, such as Tata Realty & Infrastructure Ltd, Adani Realty, Piramal Realty, Hiranandani Group, Embassy Group, and K Raheja Group, do not report their sales bookings.
The post-COVID real estate market, especially the housing segment, has rebounded strongly due to pent-up demand and a growing desire for homeownership. The shift in consumer demand towards branded and reputed developers has also accelerated, as homebuyers seek security against project delays and defaults, exemplified by the struggles of builders like Unitech and Jaypee Infratech Ltd. Interventions by the Supreme Court have provided some relief, such as in the case of Amrapali Group homebuyers, who are now receiving possession of their flats.
In conclusion, FY24 witnessed a significant uptrend in property sales by major listed real estate developers, driven by robust demand and consumer confidence in reputable brands, marking a notable recovery in the housing market.
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