Leading developers collectively reported impressive sales figures for the June quarter of 2024. The 21 major listed realty firms achieved a remarkable ₹34,927.5 crore in pre-sales during this period, reflecting a significant uptick in demand for residential properties, particularly in the luxury segment.
Godrej Properties emerged as the front-runner, recording the highest sales with ₹8,637 crore. This dominant performance underscores Godrej’s leading position in the market, driven by strong consumer interest and robust sales strategies. DLF Ltd, the largest player in terms of market capitalisation, showcased a spectacular performance with a more than threefold increase in sales, reaching ₹6,404 crore. This surge highlights the company’s successful navigation through the post-pandemic market landscape. Macrotech Developers, known for its ‘Lodha’ brand, reported pre-sales of ₹4,030 crore, solidifying its position as a key player in the market.
Meanwhile, Signature Global, recently listed and based in Gurugram, achieved a notable ₹3,120 crore in sales, reflecting a threefold growth compared to the same period last year. Prestige Estates Projects, headquartered in Bengaluru, recorded ₹3,029.5 crore in sales, although this figure represents a slight decline from the previous year. Other prominent Bengaluru-based firms, including Sobha Ltd and Brigade Enterprises, reported sales of ₹1,874 crore and ₹1,086 crore, respectively. In Mumbai, Oberoi Realty, focusing on luxury housing, achieved sales of ₹1,067 crore, while Mahindra Lifespace Developers Ltd and Keystone Realtors (Rustomjee) posted sales of ₹1,019 crore and ₹611 crore, respectively.
Other notable performances include Kolte-Patil with ₹711 crore, Sunteck Realty with ₹502 crore, and Shriram Properties with ₹376 crore. Smaller players like TARC Ltd and Ashiana Housing reported ₹310 crore and ₹235 crore in sales, respectively. The surge in sales is attributed to heightened consumer demand following the COVID-19 pandemic. Buyers are increasingly drawn to reputed developers with a track record of successful project execution, reducing their risk of project delays and defaults. The sector’s recovery is also evident in the ongoing legal and financial restructuring of troubled builders like Jaypee Infratech, which is undergoing insolvency proceedings to complete stalled projects and provide relief to countless homebuyers.
