During the last fiscal year, eighteen major listed real estate developers collectively sold properties amounting to Rs 1.17 lakh crore, with Godrej Properties leading the pack with sales bookings of Rs 22,527 crore.
Overall, most major developers saw an increase in sales bookings in 2023-24 compared to the previous financial year, driven mainly by strong demand for residential properties, particularly luxury homes, in major cities.
The surge in sales bookings can be attributed to a post-COVID housing demand and a shift towards companies with a proven track record of project execution.
Godrej Properties topped the list with pre-sales of Rs 22,527 crore, followed by Prestige Estates Projects with sales bookings of Rs 21,040 crore. DLF, the largest realty firm in terms of market capitalization, achieved sales bookings of Rs 14,778 crore.
Other notable players include Mumbai-based Macrotech Developers, Gurugram-based Signature Global, Bengaluru-based Sobha Ltd and Brigade Enterprises, and Mumbai-based Oberoi Realty. Kolte-Patil, Mahindra Lifespace Developers Ltd, Keystone Realtors, Sunteck Realty, Ashiana Housing, Arvind Smartspaces Ltd, and Ajmera Realty & Infrastructure Ltd also reported significant sales bookings.
Notably, sales booking data for Omaxe was not available. Unlisted real estate giants like Tata Realty & Infrastructure Ltd, Adani Realty, Piramal Realty, Hiranandani Group, Embassy Group, and K Raheja Group have also seen a resurgence in consumer demand post-COVID.
Consumer preferences have shifted towards reputable and branded players in the real estate market to avoid the risk of project delays or defaults. This trend has been reinforced by the experiences of buyers trapped in projects of builders like Unitech and Jaypee Infratech Ltd, while others, like Amrapali Group buyers, have found relief through intervention from the Supreme Court.
