India's 28 major listed real estate developers achieved record pre-sales of ₹1.95 lakh crore in FY26, a 17% jump. Godrej Properties led the sector as luxury demand surged, but analysts note growing affordability challenges as property prices continue to rise faster than income.
What Happened
India’s top 28 listed real estate developers reached a record milestone in the financial year 2025-26, clocking combined pre-sales of approximately ₹1.95 lakh crore. This represents a robust 17% growth compared to the ₹1.66 lakh crore achieved in FY25. The data highlights a strong shift toward consolidation, where top branded players are capturing a larger share of the market as buyers prioritize developers with a track record of timely delivery and quality construction.
Sales Leaders and Performance
Godrej Properties retained its position as the largest listed realty firm by sales bookings in FY26, reporting ₹34,171 crore against ₹29,444 crore in the previous year. Prestige Estates Projects Ltd saw a dramatic surge, moving into the second spot with bookings of ₹30,024 crore, a significant leap from ₹17,023 crore in FY25. Lodha Developers (Macrotech) secured the third position with ₹20,530 crore, up from ₹17,630 crore. Meanwhile, DLF Ltd, often the largest by market capitalization, recorded ₹20,143 crore, showing a slight dip from ₹21,223 crore in the prior fiscal year. These top five companies collectively accounted for nearly 60% of total pre-sales, reflecting how the market is increasingly dominated by a few large players.
Why Luxury Demand is Driving Growth
The growth in pre-sales is largely attributed to a massive shift toward premium and luxury housing. Industry data suggests that post-pandemic, homebuyers are increasingly seeking larger spaces, better amenities, and gated communities. Developers have responded by launching more luxury projects, which offer higher profit margins compared to affordable housing. This trend has been the primary engine for value growth, as price appreciation in these segments has been significant.
The Affordability Challenge
While the sales numbers for large listed firms are impressive, the sector faces a growing affordability gap. Reports indicate that property prices in major cities have outpaced income growth over the last decade. While the luxury segment remains resilient, the affordable housing market for lower-income households is struggling with rising land prices, elevated construction costs, and regulatory hurdles. This polarization means that while the largest developers are seeing record sales, the broader market is becoming increasingly inaccessible for many middle-class first-time buyers who are now finding it difficult to manage EMIs without committing a large portion of their income.
Risks and Market Monitorables
For investors, the key monitorable is whether this demand is sustainable as prices reach new highs. The reliance on the luxury and premium segment may leave some developers vulnerable if interest rates remain high or if buyer sentiment shifts. Additionally, while consolidation favors large players, execution risk remains—projects must be delivered on time to maintain sales momentum. Investors should track whether developers can balance their aggressive expansion plans with stable debt levels, especially as the cost of land and construction continues to rise.