India’s top 26 listed real estate firms collectively sold properties worth Rs 34,985 crore during the July-September 2024 quarter, driven predominantly by the residential segment. Godrej Properties led the sector with pre-sales of Rs 5,198 crore, followed by Macrotech Developers (Lodha) at Rs 4,290 crore. The market has shown strong resilience post-Covid, with branded players gaining consumer trust. However, challenges such as the inauspicious Shraadh period, monsoon rains, and regulatory delays affected sales bookings for several firms, including a sharp drop for DLF Ltd. Here’s a detailed breakdown of the sector’s performance and key players during this period.

Overall Sector Performance: A Closer Look

The combined sales bookings of 26 major listed realty firms stood at Rs 34,985 crore for the second quarter of FY24, underscoring the sector's recovery momentum.

The residential segment dominated pre-sales, reflecting a strong preference among homebuyers for owning quality homes post-Covid.
Despite macroeconomic challenges, developers capitalized on pent-up demand and the increasing shift toward branded realty players.

Top Performers: Godrej Properties Leads the Pack

Godrej Properties emerged as the leader in pre-sales, reporting bookings worth Rs 5,198 crore in Q2 FY24.

The company’s strong execution capabilities and premium projects contributed significantly to its top position.
Macrotech Developers (Lodha) came in second with pre-sales of Rs 4,290 crore, driven by its robust portfolio in Mumbai and Pune.

Max Estates, a prominent player in Delhi-NCR, reported pre-sales of Rs 4,100 crore, reflecting strong demand for its housing projects in the region.

Prestige Estates Projects, based in Bengaluru, recorded sales bookings of Rs 4,022.6 crore, further cementing the city’s status as a real estate hub.

Strong Performers Across Regions

Signature Global (Delhi-NCR): Achieved pre-sales of Rs 2,780 crore, bolstered by demand in Gurugram.
Brigade Enterprises (Bengaluru): Reported bookings of Rs 1,821 crore, showcasing steady growth in the city’s real estate market.
Oberoi Realty (Mumbai): Recorded pre-sales of Rs 1,442.46 crore, highlighting its focus on premium housing.
Aditya Birla Real Estate (Mumbai): Sold properties worth Rs 1,412 crore, reflecting strong urban demand.

Moderate and Niche Performers

Puravankara Ltd and Sobha Ltd (both Bengaluru): Recorded pre-sales of Rs 1,331 crore and Rs 1,178.5 crore, respectively.
TARC Ltd (Delhi): Achieved bookings of Rs 1,012 crore, driven by its niche developments.
Kolte-Patil Developers (Pune): Reported bookings of Rs 770 crore, highlighting Pune’s growing market.
Several other players, including Keystone Realtors (Rustomjee) at Rs 700 crore, Ashiana Housing (Delhi) at Rs 673 crore, and Shriram Properties (Bengaluru) at Rs 568 crore, performed steadily, reflecting regional strengths.

Underperformers and Declines

DLF Ltd, the largest realty firm by market capitalization, saw sales bookings plummet to Rs 692 crore, a sharp drop from Rs 6,404 crore in Q1 FY24. The decline was attributed to the absence of new project launches.
Equinox India Developments (Mumbai) reported pre-sales of just Rs 98 crore, reflecting operational challenges.
Lower sales by firms like Mahindra Lifespace Developers (Rs 397 crore) and Ajmera Realty (Rs 254 crore) further highlighted the uneven performance across the sector.

Sectoral Challenges: Regulatory and Seasonal Impact

The inauspicious Shraadh period, monsoon rains, and regulatory delays in project approvals were key factors that dampened sales for several developers.

Despite these challenges, the market displayed resilience, with branded players outperforming due to better execution capabilities and consumer trust.

Post-Covid Real Estate Revival

The residential real estate segment has rebounded strongly post-pandemic, driven by:

Pent-up demand for homeownership.
A shift in consumer preference toward branded and reputed developers.
Rising housing prices and increased focus on timely project execution have further reinforced this trend. Branded players have been the primary beneficiaries, as homebuyers now prioritize reliability to avoid legal disputes or delays, a lesson learned from cases like Unitech and Jaypee Infratech.