Real Estate Developers Expand Beyond Home Cities to Tap Growth Opportunities

New Delhi: Large and listed real estate developers are reducing reliance on their home cities by expanding into other metro areas to tap into growth opportunities. According to Anarock’s analysis of investor presentations, annual reports, and regulatory filings of the top 11 listed developers, this strategy aims to capture demand across multiple high-growth corridors while reducing dependence on single-city market cycles.

Godrej Properties, Lodha, Prestige, and Sobha have already expanded beyond their home cities. DLF entered Mumbai last year, and Oberoi is set to enter Gurugram this year. Anarock data shows that only around 32% of Godrej Properties’ FY26 pre-sales came from its home market MMR, compared to 55% in FY21, highlighting its aggressive expansion strategy.

“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,” said Anuj Puri, Chairman, Anarock Group.

Out of the total new units supply by Godrej Properties in the top 7 cities in FY 2026, just 10% was in their home city MMR - the remaining 90% was across other top cities. Prestige Estates also reduced its dependence on Bengaluru sharply, with home-market pre-sales contribution declining from about 90% in FY21 to just 40% in FY26 as Mumbai, Hyderabad, and NCR gained prominence in their new launch pipeline.

Out of the total new units supply by Prestige Estates in FY 2026, just 33% was in their home market Bengaluru - the remaining new launches were in other top cities. 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 markets.

In contrast, DLF, Oberoi, Keystone, and Signature Global continued to remain highly concentrated in their 'home' markets, indicating a more region-focused growth strategy compared to peers pursuing national expansion. Data further revealed that the combined pre-sales revenue of the top 11 listed developers increased from Rs 1,25,841 crore in FY25 to Rs 1,48,158 crore in FY26, registering an annual growth of 18%.

The strongest growth was witnessed among developers with significant premium and luxury housing portfolios. Prestige Estates tops the chart with a sharp 76% annual growth in pre-sales revenue, followed by Puravankara at 48%, Keystone/Rustomjee at 33%, Sobha at 30%, Godrej Properties at 16%, and Lodha at 16%, Puri said.

Puravankara has been expanding aggressively into redevelopment opportunities in Mumbai and other key cities, reducing Bengaluru’s share in its overall business. NCR-focused DLF remains heavily concentrated in its home market, with nearly 90% of FY26 pre-sales originating from NCR itself. Signature Global also continued to remain entirely NCR-centric during FY26.

However, DLF has entered Mumbai and is expected to launch phase two in the current financial year. Signature Global too is looking beyond Gurugram and is eyeing land in Delhi and Noida.