India's Major Listed Real Estate Firms Report Rs 35,000 Crore in Sales for July-September 2024
Quarter
In the July-September 2024 quarter, 26 of India's major listed real estate companies collectively reported property sales worth an impressive Rs 34,985 crore, marking a significant milestone for the sector. The majority of these sales came from the residential segment, which continues to drive growth in India’s real estate market. Leading the pack in sales bookings was Godrej Properties, with pre-sales amounting to Rs 5,198 crore during the quarter, solidifying its position as the top player among listed realty firms.
Top Performers in the Quarter
Several key players in the industry also showed strong performances during this period. Mumbai-based Macrotech Developers Ltd, known for its Lodha brand, recorded sales bookings of Rs 4,290 crore, followed closely by Max Estates from Delhi-NCR, which reported Rs 4,100 crore in sales. Prestige Estates Projects Ltd, based in Bengaluru, also posted impressive sales of Rs 4,022 crore.
Notable performances continued with Signature Global, another prominent Delhi-NCR based player, which achieved Rs 2,780 crore in pre-sales, driven by robust demand for housing in Gurugram. However, DLF Ltd, the largest real estate firm in India by market capitalization, saw a significant decline in sales, dropping to just Rs 692 crore during the quarter due to the absence of new project launches.
Realty Firms Across the Country Report Mixed Results
Other major real estate firms such as Brigade Enterprises Ltd (Rs 1,821 crore), Oberoi Realty (Rs 1,442 crore), and Aditya Birla Real Estate (Rs 1,412 crore) also posted strong sales. Bengaluru-based developers Puravankara Ltd and Sobha Ltd recorded Rs 1,331 crore and Rs 1,178 crore in sales, respectively. Meanwhile, Delhi-based TARC Ltd reported Rs 1,012 crore in pre-sales for the quarter.
There were many other firms in the Rs 500 crore to Rs 1,000 crore range, including Pune’s Kolte-Patil Developers Ltd (Rs 770 crore) and Mumbai’s Keystone Realtors (Rs 700 crore). Ashiana Housing Ltd and Shriram Properties in Bengaluru also performed well, with sales bookings of Rs 673 crore and Rs 568 crore, respectively.
Challenges and Declines in Sales
However, several firms reported a decline in sales compared to previous quarters, primarily due to factors like the inauspicious Shraadh period, monsoon rains, and delays in regulatory approvals for new projects. For instance, DLF Ltd's sales fell sharply from Rs 6,404 crore in Q1 to just Rs 692 crore in Q2.
The real estate market has also seen significant price appreciation, with housing prices climbing in many regions, further driving the demand for property ownership. The recovery of the residential market, post-Covid, has been largely fueled by pent-up demand and a growing desire for homeownership among consumers.
Shift in Consumer Preferences
The ongoing revival in the housing sector has brought about a shift in consumer preferences. Homebuyers are increasingly gravitating towards reputed real estate developers with a strong track record of delivering projects on time. This trend is reflected in the rising sales of both listed and unlisted builders known for their reliability, as opposed to developers with a history of delays or legal disputes.
For example, several buyers of projects from NCR-based builders like Unitech and Jaypee Infratech are still stuck in long-running legal battles, reinforcing the preference for trusted developers in the current market.
Conclusion
The July-September quarter of 2024 marks a period of significant growth and resilience for India’s listed real estate firms. With sales totaling nearly Rs 35,000 crore, the sector continues to thrive, driven by strong demand in the residential segment. However, challenges such as regulatory delays, monsoon impacts, and shifting consumer preferences will continue to shape the landscape of the real estate market in the coming months.