India’s listed real estate developers reported a relatively subdued performance in the December quarter, with pre-sales growth moderating amid delays in project launches and a cooling in sustenance sales momentum.
Aggregate pre-sales for the top 23 listed developers fell about 13% year-on-year in value terms during the third quarter of FY26. However, the broader nine-month picture remained more resilient, with pre-sales rising roughly 16% year-on-year (around 6% excluding Prestige), indicating that underlying housing demand continues to hold up despite near-term volatility.
On the volume side, data from 14 developers showed sales growth of about 14% year-on-year in Q3FY26 and 15% in the first nine months of the fiscal year. This materially outpaced the wider industry, which recorded a decline, highlighting the ongoing shift in demand towards larger, branded developers.
Collections showed sequential improvement, rising approximately 13% year-on-year in the quarter and 16% over the nine-month period, supported by milestone-based billing and project handovers. Even so, intermittent environmental restrictions, including GRAP-related curbs, disrupted some construction activity and kept collections below targeted levels.
Performance across companies varied significantly, largely influenced by launch timing, base effects and product mix. Prestige emerged as the standout performer, though part of the strength reflected a weak base and spillover from earlier large launches. Godrej Properties and Lodha Developers maintained double-digit growth, although concerns around operating cash flow weighed on investor sentiment.
Oberoi Realty reported softness due to launch delays and weaker sustenance sales. Aditya Birla Real Estate and Arvind SmartSpaces delivered healthy year-on-year growth but fell short of internal guidance. Meanwhile, DLF remained a key swing factor, with limited quarterly contribution in the absence of fresh launches.
Management commentary suggests developers are adopting a more calibrated approach to launches, with several firms trimming FY26 guidance amid approval delays and design revisions.
