Lodha Developers is projected to generate Rs51 billion in pre‑sales, up 11% YoY.
Godrej Properties is expected to see a 14% YoY decline to Rs73 billion due to a high base.
DLF’s pre‑sales are forecast to fall 42% YoY to Rs25 billion, but its senior‑living launch is expected to perform well.
Nomura ranks Prestige first, followed by Oberoi, Lodha and DLF in terms of expected pre‑sales strength.
Launch activity is set to improve in the second half of FY27, with festive season sales anticipated to lift the sector.
💡 Why It Matters
The forecast signals that despite economic headwinds, the Indian real‑estate market retains a healthy pipeline of launches and luxury projects that can drive pre‑sales and, ultimately, revenue. Investors and developers can gauge the sector’s resilience and plan for the second half of the fiscal year.
Key Highlights Nomura’s latest research indicates that Indian real‑estate developers will maintain a resilient pre‑sales trajectory in the second quarter of FY27 (2QFY27F), even as macroeconomic uncertainty persists. The brokerage highlights strong launch momentum for Oberoi Realty and Lodha Developers, while noting declines for Godrej Properties and DLF on a high‑base basis.
Pre‑Sales Performance - **Lodha Developers**: Expected pre‑sales of Rs51 billion, representing an 11% year‑on‑year increase. The company launched the Beaumont Estate in Bangalore during the quarter. - **Godrej Properties**: Forecast pre‑sales of Rs73 billion, a 14% decline YoY. The firm introduced Brooklyn Avenue (Hyderabad), Crown Residences (Noida), Regent Park (Bangalore), Raipur Plotted, and Nagpur Plotted, with a combined gross development value (GDV) of roughly Rs77 billion. - **DLF**: Projected pre‑sales of Rs25 billion, down 42% YoY. DLF launched the senior‑living project The Aureva, with channel checks suggesting 80%+ sales at launch. - **Prestige Estates**: Pre‑sales are expected to remain flat year‑on‑year.
Nomura’s ranking of developers places Prestige first, followed by Oberoi, Lodha and DLF.
Launch Momentum Nomura anticipates a significant uptick in launch activity for PEPL, GPL, Lodha and DLF as the festive season approaches. The brokerage expects a sequential improvement in pre‑sales, driven by the momentum of new launches and the resilience of luxury projects.
Luxury Projects The research notes solid performance from newly launched super‑luxury developments: - **Oberoi Realty**: 360 North in the NCR, with units priced around Rs300 million. - **DLF**: The Aureva, with units around Rs120 million. - **Brigade**: Barcelona in Hyderabad. - **Godrej Properties**: Crown Residences (Noida) and Brooklyn Avenue (Hyderabad).
These projects are cited as resilient, supporting the sector’s overall stability.
Geopolitical Impact Nomura reports that 2QFY27F did not experience any major geopolitical‑conflict‑related impact on sustenance sales from inventory across developers. Footfall and conversions remained steady.
Delayed Launches The brokerage flags delayed launches, such as Godrej’s Verano in Sector 63A, as potential disappointments that could affect short‑term sales momentum.
Future Outlook With launch activity expected to accelerate in the second half of FY27, Nomura projects a sequential improvement in pre‑sales across the sector. The festive season is likely to provide a boost, particularly for luxury and super‑luxury segments.
Takeaway While macro volatility remains a backdrop, the real‑estate sector’s launch pipeline and luxury offerings are positioned to sustain growth in 2QFY27F and beyond.
🏛️ Background & Context
Nomura’s analysis follows a period of heightened macro uncertainty, including fluctuating interest rates and global supply‑chain disruptions. The brokerage’s emphasis on launch momentum reflects the sector’s reliance on new project introductions to sustain growth.
👁️ What To Watch Next
Key developments to monitor include the launch dates of Godrej’s Verano and Floreanne, the performance of DLF’s senior‑living project The Aureva, and the overall uptake of luxury units in the upcoming festive season. Any significant delays or market shifts could alter the projected pre‑sales trajectory.
