Mumbai, NCR and beyond: Top developers see sharp FY26 pre-sales surge on multi-city push

The growth was driven largely by aggressive geographic diversification beyond traditional home markets. Representational pic

India's top listed real estate developers posted a robust 18 per cent annual growth in pre-sales revenue in financial year (FY)26, crossing Rs 1.48 lakh crore. The growth was driven largely by aggressive geographic diversification beyond traditional home markets, according to data compiled by ANAROCK Research.

According to the analysis of investor presentations, annual reports and regulatory filings of 11 major listed developers, combined pre-sales rose from Rs 1,25,841 crore in FY25 to Rs 1,48,158 crore in FY26.

Developers with strong exposure to luxury and premium housing segments outperformed the broader market. Prestige Estates led the pack with 76 per cent growth in pre-sales, followed by Puravankara at 48 per cent, Keystone/Rustomjee at 33 per cent, Sobha at 30 per cent, and both Godrej Properties, and Lodha (Macrotech) at 16 per cent each.

Geographic diversification emerges as key growth driver

Geographic expansion has emerged as a defining strategy for leading developers, with several companies steadily reducing dependence on single-city markets and building a pan-India presence.

Godrej Properties derived nearly 68 per cent of its FY26 pre-sales from markets outside its home base of MMR. Prestige Estates recorded around 60 per cent of pre-sales from outside Bengaluru, with significant contributions from Mumbai, Hyderabad and the NCR. Lodha (Macrotech) generated nearly 32 per cent of its pre-sales from Pune and Bengaluru.

South India-based developers, including Prestige Estates, Sobha, Brigade Enterprises and Puravankara, continued to strengthen their presence across MMR, NCR, Hyderabad and Pune.

In contrast, DLF remained heavily concentrated in the NCR, with nearly 90 per cent of FY26 pre-sales originating from its home market. Signature Global also remained entirely NCR-centric.

Company-wise pre-sales performance

Godrej Properties reported pre-sales of Rs 29,444 crore in FY25, rising to Rs 34,171 crore in FY26, an increase of 16 per cent. Prestige Estates saw a sharp jump from Rs 17,023 crore to Rs 30,024 crore, up 76 per cent. DLF declined marginally from Rs 21,223 crore to Rs 20,143 crore, down 5 per cent. Lodha (Macrotech) rose from Rs 17,630 crore to Rs 20,530 crore, up 16 per cent.

Signature Global reported a decline from Rs 10,290 crore to Rs 8,250 crore, down 20 per cent. Brigade Enterprises fell from Rs 7,847 crore to Rs 7,424 crore, down 5 per cent. Puravankara rose from Rs 5,006 crore to Rs 7,407 crore, up 48 per cent. Oberoi Realty posted a modest increase from Rs 5,281 crore to Rs 5,447 crore, up 3 per cent. Kolte-Patil declined from Rs 2,791 crore to Rs 2,605 crore, down 7 per cent.

Keystone (Rustomjee) grew from Rs 3,028 crore to Rs 4,022 crore, up 33 per cent, while Sobha increased from Rs 6,278 crore to Rs 8,135 crore, up 30 per cent.

Premium housing and multi-city expansion drive growth

Commenting on the trend, Anuj Puri, Chairman, ANAROCK Group, said the strongest growth was witnessed among developers with significant exposure to premium and luxury housing.

"Prestige Estates tops the chart with 76 per cent annual growth in pre-sales, followed by Puravankara at 48 per cent, Keystone/Rustomjee at 33 per cent, Sobha at 30 per cent, Godrej Properties at 16 per cent and Lodha at 16 per cent," he said.

Puri added that geographic diversification is increasingly shaping sector performance. Developers expanding across multiple markets are better positioned to capture demand across high-growth corridors while reducing dependence on cyclical single-city markets.

New launch trends also reflect this shift. Leading developers, including Godrej Properties, Prestige Estates, Sobha, Lodha, Brigade Enterprises and Puravankara, have significantly increased launches outside their home markets.

For instance, only 32 per cent of Godrej Properties' FY26 pre-sales came from MMR, compared to 55 per cent in FY21, while Prestige Estates reduced Bengaluru's share from 90 per cent in FY21 to 40 per cent in FY26.

The trend signals a transition of leading developers from regional players to national residential platforms, supporting more resilient and diversified growth in the sector.