NCR, MMR, Bengaluru Drive Rs 1.48 Lakh-Crore Pre-Sales Surge for Listed Real Estate Developers

According to ANAROCK Research, the combined pre-sales revenue of the 11 listed real estate developers increased from nearly Rs 1.26 lakh crore in FY25 to over Rs 1.48 lakh crore in FY26. The analysis covered major developers including Godrej Properties, Prestige Estates, DLF, Lodha (Macrotech), Signature Global, Brigade Enterprises, Puravankara, Oberoi Realty, Kolte-Patil, Keystone (Rustomjee), and Sobha Ltd.

India’s leading listed real estate developers recorded a strong 18 per cent annual growth in pre-sales revenue in FY26, driven largely by aggressive expansion beyond their traditional home markets and rising demand for premium and luxury housing across major cities.

Developers with a strong presence in luxury and premium housing significantly outperformed the broader market. Prestige Estates posted the highest annual growth in pre-sales revenue at 76 per cent, followed by Puravankara at 48 per cent, Keystone/Rustomjee at 33 per cent, Sobha at 30 per cent, while both Godrej Properties and Lodha registered 16 per cent growth.

ANAROCK Chairman Anuj Puri said that geographic diversification has emerged as one of the biggest growth drivers for India’s listed developers, as companies increasingly expand into multiple high-demand residential markets instead of relying solely on their traditional strongholds.

“Players diversifying their geographic exposure are better positioned to capture demand across multiple high-growth corridors while reducing dependence on single-city market cycles,” said Puri. “The data clearly highlights that multi-city expansion, particularly in premium and luxury housing, is emerging as the key growth driver for listed developers.”

The trend is particularly visible among developers such as Godrej Properties, Prestige Estates, Lodha, Sobha, and Puravankara, which have significantly expanded their presence across cities, including Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru, Hyderabad, Pune, and Chennai.

Nearly 68 per cent of Godrej Properties’ FY26 pre-sales came from markets outside its home market of MMR. The company has sharply reduced its dependence on Mumbai over the last few years, with only 32 per cent of FY26 pre-sales originating from MMR compared to 55 per cent in FY21. ANAROCK data also showed that only 10 per cent of Godrej Properties’ new unit launches in FY26 were in Mumbai, with the remaining launches spread across other major cities.

Prestige Estates has also aggressively diversified beyond Bengaluru. Around 60 per cent of its FY26 pre-sales came from markets such as Mumbai, Hyderabad, and NCR, compared to nearly 90 per cent dependence on Bengaluru in FY21. Only about one-third of its FY26 launches were in Bengaluru, while the rest were distributed across other top cities.

Lodha (Macrotech) continued reducing its dependence on MMR as well, with nearly 32 per cent of FY26 pre-sales generated from Pune and Bengaluru. Similarly, Puravankara accelerated expansion into redevelopment projects in Mumbai and other key cities, lowering Bengaluru’s contribution to its overall business.

South Indian developers, including Prestige Estates, Sobha, Brigade Enterprises, and Puravankara have steadily strengthened their presence across MMR, NCR, Hyderabad, and Pune in recent years, reflecting a broader shift toward building pan-India residential platforms.

Sobha’s expansion beyond Bengaluru also gathered pace in FY26, with nearly one-third of its launches and sales contribution coming from markets outside its home city. Brigade Enterprises and Puravankara similarly expanded their footprint across Chennai, Hyderabad, Pune, and Mumbai.

In contrast, some developers continued to follow a region-focused strategy. DLF remained heavily concentrated in NCR, with nearly 90 per cent of its FY26 pre-sales originating from the region. Signature Global also remained entirely NCR-centric during the year. Developers such as Oberoi Realty and Keystone (Rustomjee) continued to maintain a strong concentration in their respective home markets.

ANAROCK noted that the latest supply trends further reinforce the growing importance of geographic diversification among India’s major developers. The strategy is helping companies tap wider housing demand, reduce risks associated with single-market cycles, and establish themselves as national-scale residential brands amid strong demand for premium housing across India’s top cities.