Mixed Q3 Pre-Sales in Real Estate Sector: Key Developers Eye Q4 Launches

The Q3FY26 earnings performance of key listed real estate developers is expected to be mixed, largely dependent on the pace of new project launches. This mixed performance is a reflection of the varied strategies and market conditions faced by different developers in the sector.

Sobha Ltd, for example, launched the luxury Sobha Magnus project in south Bengaluru, ventured into Mumbai with Sobha Inizio, and unveiled Sobha Strada in sector 106, Gurgaon. This propelled its pre-sales to ₹2,115 crore in Q3, marking a 52% year-on-year jump and making this its best Q3 ever, with Bengaluru driving the bulk of the bookings. Sobha’s nine-month pre-sales hit ₹6,097 crore, the highest ever, the company said in its Q3 update. Average realizations rose to ₹15,436 per sq. ft from ₹13,663 a year ago, reflecting strong demand in the Bengaluru market.

Godrej Properties Ltd launched Godrej Trilogy in Worli, Mumbai; Godrej Woods in Thanisandra, Bengaluru; Godrej Elaris in Mundhwa, Pune; and a plotted development in Panipat. Nomura Global Markets Research estimates Godrej’s Q3 pre-sales at ₹7,600 crore, up 40% year-on-year on a low base, with potential upside on better-than-expected performance from the Trilogy project.

Close rival Lodha Developers Ltd saw two project launches in Q3FY26, one residential project in Jogeshwari and a commercial project in Worli. Lodha’s H1 pre-sales at ₹9,020 crore met 43% of its FY26 pre-sales guidance. The company could see Q3 pre-sales of ₹5,500 crore, making it its strongest ever quarter, said the Nomura report dated 1 January.

A favourable base would aid Aditya Birla Real Estate Ltd, plus its project in sector 71, Gurgaon is largely sold out and it also launched a project in Manjri, Pune in Q3. Prestige Estates Projects Ltd launched only one project, while Oberoi Realty Ltd and DLF Ltd did not launch any in the quarter. So, developers with limited or no new projects would be reliant on sales from existing inventory to push pre-sales.

Delayed approvals seem to have pushed launches of some large developers into the March quarter (Q4FY26), making the next quarter critical in determining which firms meet or exceed their FY26 pre-sales guidance of 18-20% year-on-year growth. “A few of the Q3 launches by most of our coverage companies have spilled over into Q4. The fourth quarter is expected to see further surge in launches,” said an Antique Stock Broking report.

In Q4, Sobha is likely to unveil projects in Greater Noida and Bengaluru (Royal Pavilion phase 2), among other projects, while Godrej has a large pipeline, including Greater Noida Sigma 3 project, some launches in Bengaluru, and Upper Kharadi in Pune. Oberoi is expected to launch in Gurugram, Peddar Road, and a new tower in Sky City Borivali, as per the Antique report. DLF could also see the Goa project and new phase of The Arbour in Q4.

However, early signs of weakening demand are emerging in some key markets amid elevated home prices. The Mumbai Metropolitan Region, for instance, has entered a mid-cycle stage: supply has surged, and demand volumes have already surpassed the peak of the previous upcycle, meaning improved affordability is needed to push absorption higher, according to the 1 January Nuvama Research report.

In 2025, the Nifty Realty index fell roughly 17%, sharply underperforming the Nifty 50’s double-digit gains. Nuvama expects slower job growth, shaped by tariff wars and K-shaped economic recovery, to weigh on housing demand in the near term, suggesting realty stocks may remain range-bound.