India’s top listed real estate developers reported steady growth in Q4FY25, supported by healthy pre-sales, even as earnings reflected signs of moderation amid elevated housing prices and subdued launches.'
“Q4FY25 was a steady quarter for top listed real estate developers, albeit with some signs of moderation compared to the aggressive growth observed in earlier quarters.
"Pre-sales remained strong across major cities, backed by continued demand in the mid to premium housing segments,” said Shobhit Agarwal, managing director and CEO, Anarock Capital.
According to Anarock, housing sales across key Indian cities declined by 28 per cent year-on-year (Y-o-Y) in Q4FY25 — a traditionally strong quarter — due to rising residential prices and geopolitical uncertainties. New project launches were also down 10 per cent Y-o-Y.
Despite these headwinds, all major listed developers, except Oberoi Realty, posted pre-sales growth ranging from 7 per cent to 48 per cent, with Prestige Estates Projects leading the pack.
However, Prestige’s net profit plunged 82.14 per cent Y-o-Y.
Oberoi Realty’s lacklustre performance was attributed to the absence of new launches and a slowdown in sustenance sales.
Its profit declined 45.03 per cent Y-o-Y to Rs 433.2 crore.
Macrotech Developers (Lodha) and DLF — India’s top two listed real estate players — reported healthy pre-sales growth of 14 per cent and 39 per cent, respectively, even without launching any new projects during the quarter.
In terms of value, Godrej Properties topped the charts with Rs 10,163 crore in pre-sales, a 7 per cent Y-o-Y increase.
“Due to its presence in all four markets, Godrej has benefited the most from the current upcycle,” noted analysts at Antique Stock Broking. However, Godrej’s net profit dropped 19 per cent Y-o-Y to Rs 381.99 crore.
An industry expert said project delays and revenue recognition only upon receiving occupation certificates contributed to the decline in profits.
Prestige’s Bengaluru-based peers, Brigade Enterprises and Sobha, also reported healthy pre-sales growth of 9 per cent and 22 per cent, respectively.
According to Agarwal, earnings remained largely resilient.
Revenue growth was driven by the execution of previously sold inventory, while stable collections and controlled debt levels helped support profitability.
However, Ebitda margins contracted by 100–150 basis points due to elevated construction costs and increased marketing expenses.
“The performance reflects a maturing market where top players are focusing on operational efficiency and disciplined capital deployment, rather than chasing scale alone,” Agarwal said.
Lodha, Godrej, and DLF exceeded their FY25 pre-sales guidance, while Prestige and Sobha fell short due to approval delays and issues surrounding the e-Khata portal, which impacted planned launches.
“Even though the growth rate is lower compared to FY24 due to a higher base, the top developers have shown strong presales, robust collections, and timely project completion,” said Mahaveer Jain, director at India Ratings & Research (Ind-Ra).
Anarock data showed an 8 per cent quarter-on-quarter decline in project launches, signaling a cautious stance by developers amid macroeconomic uncertainties such as interest rate volatility and geopolitical developments.
Nevertheless, developers remain optimistic about FY26, expecting continued demand and pre-sales momentum.
Management at Lodha and Godrej indicated they expect to benefit from ongoing consolidation in favour of Grade-A developers.
“A combination of wealth creation, liquidity measures should play a key role in real estate demand,” said Godrej’s management during its earnings call.
Top developers (excluding Sobha) have lined up project launches in FY26 with a gross development value (GDV) of Rs 1.6 trillion.
However, Ind-Ra maintains a “neutral” outlook for the sector, projecting booking growth to moderate to 8–10 per cent in FY26, versus Rs 23 per cent in FY25, weighed down by a high base and elevated property prices.
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