Raymond Realty pre-sales nearly double in Q2

Raymond Realty has disclosed pre-sales of ₹902 crore for the quarter ended September 2026, close to double the corresponding figure a year earlier. For a Mumbai buyer or investor, the number matters less as a headline and more as a signal: at the upper-mid and premium end of the Thane–Mumbai belt, end-user demand is still absorbing fresh supply rather than stalling in front of it.

Context helps here. The company's real estate arm has been scaling its Thane cluster steadily, adding towers and phases rather than sitting on land. A near-doubling of quarterly pre-sales on that base tells you two things — that the launches are being timed into a receptive market, and that buyers in the ₹1.5 crore-plus bracket are still committing, despite rates that are no longer falling and a market that has been called 'toppy' for at least six quarters.

It also fits the broader pattern we are seeing on the ground in the MMR. Registration volumes have held up, ready-reckoner-linked transactions continue at a healthy clip, and the pressure has shifted from 'will anyone buy' to 'can delivery keep pace'. Builders with a clean track record and a funded balance sheet are converting walk-ins at a rate that would have looked ambitious three years ago.

What this does not mean is that every project in every micro-market is flying. The divergence is widening: well-located, well-capitalised, RERA-compliant inventory is moving, while weaker stock in peripheral locations is still negotiating on price. A single developer's strong quarter is evidence of that split, not a rising tide.

Sandeep's take: A near-doubling of pre-sales is a good number, but read it as a statement about execution and location rather than about the market as a whole. In Thane and the eastern suburbs, buyers are rewarding builders who can show a delivery record and a clear payment plan. If you are an investor, this is the kind of disclosed, filing-backed data point worth tracking quarter to quarter — it tells you where the organised end of the market is putting its launches, and where pricing power actually sits.

What to watch next: Whether the next two quarters sustain this run-rate as new phases are launched, and whether the company's delivery timelines hold — because in this cycle, handover discipline, not launch announcements, is what will decide which developers keep compounding.