India’s real estate sector witnessed a remarkable surge in property sales during the June quarter of 2024, with leading developers collectively achieving sales of nearly ₹35,000 crore. This growth underscores a strong rebound in consumer demand, particularly in the residential luxury segment, post-pandemic.
According to regulatory filings, the combined sale bookings of 21 major listed real estate companies totalled ₹34,927.5 crore for the first quarter of the 2024-25 fiscal year. Notably, Godrej Properties emerged as the standout performer, with pre-sales reaching ₹8,637 crore, marking it as the top player in this period. DLF Ltd, the largest real estate firm by market capitalisation, saw a significant increase in its sale bookings, reporting ₹6,404 crore, a more than threefold rise compared to the previous year. Mumbai-based Macrotech Developers, trading under the ‘Lodha’ brand, also performed strongly, achieving pre-sales of ₹4,030 crore.
Signature Global, a recent entrant in the stock market, recorded impressive sale bookings of ₹3,120 crore, representing a threefold increase from the same period last year. Bengaluru-based Prestige Estates Projects noted pre-sales of ₹3,029.5 crore, though this figure is a decline from the previous year’s quarter. Other prominent developers included Sobha Ltd and Brigade Enterprises, with sales of ₹1,874 crore and ₹1,086 crore, respectively. Puravankara Ltd maintained stable performance with ₹1,128 crore in sale bookings, while Oberoi Realty, specialising in luxury housing, achieved ₹1,067 crore.
The report highlights a notable shift in consumer preference towards reputable developers with strong track records, driven by increased confidence in project completion post-COVID. Despite this surge, several unlisted developers remain prominent players, including Tata Realty & Infrastructure Ltd and Adani Realty. The resurgence in the housing market is attributed to pent-up demand and an enhanced inclination towards home ownership, with branded and established players benefiting the most from this recovery cycle. However, numerous homebuyers are still entangled in legal disputes with builders like Unitech and Jaypee Infratech, underscoring the ongoing challenges in the real estate sector.
