Eighteen major listed real estate developers in India reported a remarkable achievement, with properties worth Rs 1.17 lakh crore sold during the fiscal year 2023-24. Godrej Properties emerged as the frontrunner, posting sales bookings of Rs 22,527 crore.
This trend underscores the robust demand for residential properties, particularly luxury homes, across major cities. The collective sales bookings of these 18 realty firms reached approximately Rs 1,16,635 crore in FY24, reflecting a substantial 33% increase from nearly Rs 88,000 crore in the preceding fiscal year. This surge was primarily driven by the residential segment, highlighting the strong post-pandemic housing demand and a shift towards reputable developers with proven track records. Godrej Properties led the pack with the highest sales bookings, followed by Prestige Estates Projects from Bengaluru, which recorded Rs 21,040 crore. DLF, the country’s largest real estate firm by market capitalisation, achieved sales bookings of Rs 14,778 crore. Macrotech Developers, under the ‘Lodha’ brand, reported pre-sales of Rs 14,520 crore.
Gurugram-based Signature Global, a relatively new entrant to the stock market, achieved notable success with sales bookings of Rs 7,270 crore, more than double the previous fiscal’s figures. Bengaluru-based Sobha Ltd and Brigade Enterprises reported sales of Rs 6,644 crore and Rs 6,013 crore, respectively. Puravankara Ltd, another Bengaluru firm, achieved Rs 5,914 crore in sales bookings. In the luxury segment, Mumbai-based Oberoi Realty sold properties worth Rs 4,007 crore. Pune-based Kolte-Patil registered sales bookings of Rs 2,822 crore. Other notable performers include Mahindra Lifespace Developers Ltd and Keystone Realtors (Rustomjee), with sales of Rs 2,328 crore and Rs 2,266 crore, respectively.
Sunteck Realty, headquartered in Mumbai, reported sales of Rs 1,915 crore, while Ashiana Housing from Delhi achieved Rs 1,798 crore. Ahmedabad-based Arvind Smartspaces Ltd and Mumbai-based Ajmera Realty & Infrastructure Ltd reported pre-sales of Rs 1,107 crore and Rs 1,017 crore, respectively. Lucknow’s Eldeco Housing & Industries Ltd and Mumbai’s Indiabulls Real Estate Ltd registered sales bookings of Rs 388 crore and Rs 280 crore. The data highlights the resilience of India’s real estate sector, which has bounced back strongly post-COVID-19. The surge in demand for branded and reputed developers is evident as homebuyers seek security and reliability, avoiding the risk of projects getting stalled. This consolidation of demand towards established players has been a significant factor driving the growth in sales bookings.
Unlisted major players such as Tata Realty & Infrastructure Ltd, Adani Realty, Piramal Realty, Hiranandani Group, Embassy Group, and K Raheja Group also play a crucial role in the real estate market, though their sales bookings are not publicly reported. In summary, the Indian real estate sector, particularly the housing segment, is witnessing a robust recovery driven by pent-up demand and a preference for trusted brands. This positive trend is expected to continue, providing stability and growth for the industry.
