Bengaluru: India’s top four listed real estate developers are targeting a combined ₹1.19 trillion in housing sales this fiscal year, while they sharpen focus on increasing profits and acquiring new land in a calibrated manner. As per their disclosures, Godrej Properties Ltd, Prestige Estates Projects Ltd, Lodha Developers Ltd and DLF Ltd collectively crossed a major sales milestone in FY26 with ₹1.05 trillion, as the demand for top branded developers stayed strong.
India’s highest-selling residential developer, Mumbai-based Godrej Properties clocked ₹34,171 crore of sales in FY26, and has guided for ₹39,000 crore this year. Prestige Estates emerged second with ₹30,024 crore of sales, and the Bengaluru-based developer expects a 15-20% jump in FY27. Both Godrej, which has a launch pipeline worth ₹48,000 crore this year, and Prestige are counting on high sales velocity project launches across cities, with a focus on premium.
“The residential sales momentum is expected to continue this year as well, boosted by new project launches and supply. We believe that the residential sector is also moving into a broad-based growth phase, though sales momentum, while stable, shows signs of gradual moderation,” said Pankaj Kapoor, managing director of Liases Foras Research. “Growing participation from smaller developers also reflect deepening market confidence beyond the top-tier players.”
Mumbai-based Lodha Developers is targeting ₹24,000 crore of sales bookings in FY27 after having sold homes for ₹20,530 crore last year. DLF, which has set a pre-sales or sales booking target of ₹20,000 crore, unchanged from last year, also has a ₹20,000 crore launch pipeline focused on Gurugram and Mumbai, among other cities.
Sushil Kumar Modi, executive director—finance at Lodha Developers, told Mint that delivering profitability will be in focus other than sales, and the company looking is eyeing a 20% profit after tax (PAT) growth every year in the foreseeable future.
DLF’s managing director Ashok Tyagi told analysts something similar in a post-earnings call last week. “We can do pre-sales of ₹50,000 crores a year also, frankly. We have the land bank, we have the demand. We believe our primary objective is chasing margins and cash flows, and not chasing pre-sales,” he said.
Though the FY27 sales targets of the four developers show a modest increase of around 13% from last year’s high sales achievement, analysts believe there would be several factors at play.
Last year and this one
After a strong year, India’s residential remained resilient in FY26, with in unit terms across 75 cities slipping just a tad by 1%. Despite the slight volume dip, the total sales value rose nearly 16%, reflecting a continued cycle of premium housing and higher-value transactions, as per Liases Foras Research data released on Monday. India’s home sales in the top eight cities had seen an 18% jump in unit sales in FY25, as per Liases Foras.
The National Capital Region (NCR) emerged as the strongest performer with 11% sales growth in FY26, while Ahmedabad and Bengaluru also saw a healthy momentum, as did the Mumbai Metropolitan Region (MMR).
Liases Foras’s Kapoor had some projections for this fiscal year: while premium sales will continue, the mid-income segment will witness a revival; price appreciation may be moderate; smaller developers will bring new supply, and the execution risk will be a concern as the scale of operations keeps growing.
“A revival in the mid-income segment will complement the premiumization trend that has driven value growth over the past year. Price appreciation will increasingly be project-specific. However, emerging execution and inventory risks will need careful navigation, as aggressive supply additions outpace construction progress in several markets,” Kapoor said.
Sustained monitoring of inventory levels, timelines, and absorption trends will be critical in assessing the market’s medium-term stability and ensuring that this phase of expansion translates into structurally sound growth, he added.