Listed Realty Firms’ Sales Fall 21% to ₹39,964 Crore

India’s major listed real estate developers recorded a 21% year-on-year decline in combined sales bookings during the first quarter of FY27.

The combined pre-sales of 28 listed developers stood at ₹39,964 crore during April-June 2026, compared with ₹50,900 crore during the corresponding quarter last year.

The decline, however, was not uniform across the industry. Nineteen of the 28 developers recorded growth in their sales bookings, indicating that demand remained strong for several companies and projects.

Godrej Properties emerged as the largest listed developer by sales bookings during the quarter, recording ₹8,651 crore compared with ₹7,082 crore a year earlier.

Lodha Developers also recorded growth, with pre-sales increasing to ₹4,630 crore from ₹4,450 crore. Sobha saw a sharper increase, with sales rising to ₹3,656 crore from ₹2,079 crore.

The overall decline was influenced by factors including fewer new launches from some major developers, the high base of the previous year and cautious buyer sentiment.

For the housing market, this means the headline decline needs to be viewed alongside individual developer performance and project launches rather than as a uniform fall in residential demand.

Sandeep Sadh’s Take:

“A 21% headline decline looks significant, but 19 out of 28 developers still growing tells an equally important story. Buyers are active, but sales are increasingly dependent on the right project, pricing and launch pipeline.”