Pan-India Expansion Drives Growth for Top Listed Real Estate Developers

Pan-India expansion is emerging as a major strategic focus for India's top listed developers, with most rapidly reducing dependence on their home markets and expanding into high-demand residential markets such as the Mumbai Metropolitan Region (MMR), the National Capital Region (NCR), Bengaluru, Hyderabad, Pune, and Chennai.

New supply trends across listed developers, including Godrej Properties, Prestige Estates, DLF, Lodha, Signature Global, Brigade Enterprises, Puravankara, Oberoi Realty, Kolte-Patil, Keystone (Rustomjee), and Sobha Ltd, also point to a growing push towards geographic diversification. These firms seek to tap broader housing demand, reduce dependence on single-city cycles, and establish national-scale residential platforms. The most prominent players pursuing this strategy are Godrej, Lodha, Prestige, and Sobha, according to data from Anarock.

Anuj Puri, chairman of Anarock Group, said, “The strongest growth was witnessed among developers with significant premium and luxury housing portfolios.”

The top 11 listed developers reported combined pre-sales of ₹1.48 trillion in financial year 2025-26 (FY26), marking an 18 per cent year-on-year (Y-o-Y) increase, as developers aggressively expanded their presence across key cities beyond their home markets.

Prestige Estates led the chart with a sharp 76 per cent annual growth in pre-sales, followed by Puravankara at 48 per cent, Rustomjee at 33 per cent, Sobha at 30 per cent, and both Godrej Properties and Lodha at 16 per cent each.

Only 32 per cent of Godrej's FY26 pre-sales came from its home market, MMR, compared to 55 per cent in FY21. Of Godrej's total new supply across the top seven cities in FY26, only 10 per cent was launched in MMR.

Prestige Estates also significantly reduced its dependence on Bengaluru, with the home market's contribution to pre-sales declining from around 90 per cent in FY21 to 40 per cent in FY26, as Mumbai, Hyderabad, and NCR gained prominence in its new launch pipeline. Of Prestige's total new supply in FY26, 33 per cent was in Bengaluru.

Lodha continued to reduce its dependence on MMR as well, with nearly 32 per cent of FY26 pre-sales generated from the Pune and Bengaluru markets.

Sobha's expansion beyond Bengaluru also accelerated in FY26, with nearly one-third of its launches and sales contribution coming from other markets. Brigade Enterprises and Puravankara also expanded their footprint across Chennai, Hyderabad, Pune, and Mumbai.

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

“There is sound logic involved in India's leading developers transitioning from regional brands to national residential platforms. Players diversifying their geographic exposure are better positioned to capture demand across multiple high-growth corridors while reducing dependence on single-city market cycles. The data clearly highlights that multi-city expansion, particularly in premium and luxury housing, is emerging as the key growth driver for listed developers,” Puri added.