In a year marked by cautious optimism and rising expectations, India’s top 26 listed real estate developers sold homes worth a staggering Rs 1.62 lakh crore in FY25 — a jump of over 20% from the previous year. This wasn’t just a rebound; it marked a repositioning of the residential property market around brand power, consumer trust, and shifting sentiment, as buyers increasingly prioritised reliability and execution track record amid lingering concerns over stalled housing projects.
Leading the charts was Godrej Properties, which emerged as the country’s largest listed developer by sales value, clocking Rs 29,444 crore in pre-sales, according to data compiled from regulatory filings and investor presentations reported by PTI. This was a sharp increase from Rs 22,527 crore in the previous fiscal.
DLF Ltd, India’s most valuable real estate company by market capitalisation, secured the second spot with a record Rs 21,223 crore in bookings, driven by robust demand for its luxury housing project, The Camellias, in Gurugram. Macrotech Developers (Lodha Group) followed with Rs 17,630 crore in bookings, trailed by Prestige Estates at Rs 17,023 crore and Signature Global at Rs 10,290 crore.
The bulk of these sales didn’t come from malls or office spaces, but from homes—particularly premium and luxury residences—as buyers increasingly favoured established developers known for timely delivery.
Several other firms saw significant traction. Mumbai-based Aditya Birla Real Estate nearly doubled its bookings to Rs 8,087 crore, up from Rs 3,985 crore a year earlier. Brigade Enterprises, a key player in the southern market, recorded Rs 7,847 crore in pre-sales, while Max Estates posted a steep rise to Rs 5,321 crore from just Rs 1,844 crore in FY24.
Oberoi Realty and Puravankara reported bookings in the Rs 5,000 crore range, though the latter witnessed a year-on-year decline.
Some developers, however, struggled to keep pace. Sobha Ltd’s pre-sales fell to Rs 6,277 crore from Rs 6,644 crore, while Prestige Estates’ overall bookings slipped from Rs 21,040 crore in the previous year. Puravankara also saw bookings drop to Rs 5,006 crore from Rs 5,914 crore.
The middle tier was crowded with developers clocking sales between Rs 2,000 crore and Rs 4,000 crore. TARC Ltd nearly doubled its bookings to Rs 3,722 crore. Keystone Realtors (Rustomjee), Mahindra Lifespace Developers, Sunteck Realty, Kolte-Patil Developers, and Raymond Ltd all reported solid momentum.
Smaller players, too, posted gains in many cases. Delhi-based Ashiana Housing sold homes worth Rs 1,937 crore, up from Rs 1,798 crore. Ahmedabad’s Arvind SmartSpaces rose to Rs 1,271 crore. Ajmera Realty, Arihant Superstructures, and Suraj Estate Developers reported modest but notable increases, reflecting steady traction in niche urban pockets.
Still, the growth wave was not universal. Developers like Eldeco Housing, based in Lucknow, saw pre-sales dip to Rs 337 crore from Rs 389 crore in the previous year.
Many developers with sub-Rs 2,000 crore sales did not publicly disclose data, but the broader narrative is clear: FY25 was the year India’s residential real estate market decisively tilted toward consolidation and brand dominance.
The collapse of several high-profile housing projects over the last decade left thousands of buyers stranded and wary. In response, today’s buyers are moving en masse toward developers with proven track records and institutional credibility—even if that means paying a premium.
In this environment, brand equity has become as valuable as land. For companies like Godrej, DLF, and Lodha, it’s a moat—one that has not only helped them survive the turbulence of India’s real estate cycles but also thrive in an era shaped by informed, risk-conscious homebuyers.
FY25 may well be remembered as the year branded housing stopped being a luxury—and started becoming a necessity.
Also read | 3 reasons why Warren Buffett doesn’t buy REITs, but here’s why that shouldn’t stop you
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Leading the charts was Godrej Properties, which emerged as the country’s largest listed developer by sales value, clocking Rs 29,444 crore in pre-sales, according to data compiled from regulatory filings and investor presentations reported by PTI. This was a sharp increase from Rs 22,527 crore in the previous fiscal.
DLF Ltd, India’s most valuable real estate company by market capitalisation, secured the second spot with a record Rs 21,223 crore in bookings, driven by robust demand for its luxury housing project, The Camellias, in Gurugram. Macrotech Developers (Lodha Group) followed with Rs 17,630 crore in bookings, trailed by Prestige Estates at Rs 17,023 crore and Signature Global at Rs 10,290 crore.
The bulk of these sales didn’t come from malls or office spaces, but from homes—particularly premium and luxury residences—as buyers increasingly favoured established developers known for timely delivery.
Several other firms saw significant traction. Mumbai-based Aditya Birla Real Estate nearly doubled its bookings to Rs 8,087 crore, up from Rs 3,985 crore a year earlier. Brigade Enterprises, a key player in the southern market, recorded Rs 7,847 crore in pre-sales, while Max Estates posted a steep rise to Rs 5,321 crore from just Rs 1,844 crore in FY24.
Oberoi Realty and Puravankara reported bookings in the Rs 5,000 crore range, though the latter witnessed a year-on-year decline.
Some developers, however, struggled to keep pace. Sobha Ltd’s pre-sales fell to Rs 6,277 crore from Rs 6,644 crore, while Prestige Estates’ overall bookings slipped from Rs 21,040 crore in the previous year. Puravankara also saw bookings drop to Rs 5,006 crore from Rs 5,914 crore.
The middle tier was crowded with developers clocking sales between Rs 2,000 crore and Rs 4,000 crore. TARC Ltd nearly doubled its bookings to Rs 3,722 crore. Keystone Realtors (Rustomjee), Mahindra Lifespace Developers, Sunteck Realty, Kolte-Patil Developers, and Raymond Ltd all reported solid momentum.
Smaller players, too, posted gains in many cases. Delhi-based Ashiana Housing sold homes worth Rs 1,937 crore, up from Rs 1,798 crore. Ahmedabad’s Arvind SmartSpaces rose to Rs 1,271 crore. Ajmera Realty, Arihant Superstructures, and Suraj Estate Developers reported modest but notable increases, reflecting steady traction in niche urban pockets.
Still, the growth wave was not universal. Developers like Eldeco Housing, based in Lucknow, saw pre-sales dip to Rs 337 crore from Rs 389 crore in the previous year.
Many developers with sub-Rs 2,000 crore sales did not publicly disclose data, but the broader narrative is clear: FY25 was the year India’s residential real estate market decisively tilted toward consolidation and brand dominance.
The collapse of several high-profile housing projects over the last decade left thousands of buyers stranded and wary. In response, today’s buyers are moving en masse toward developers with proven track records and institutional credibility—even if that means paying a premium.
In this environment, brand equity has become as valuable as land. For companies like Godrej, DLF, and Lodha, it’s a moat—one that has not only helped them survive the turbulence of India’s real estate cycles but also thrive in an era shaped by informed, risk-conscious homebuyers.
FY25 may well be remembered as the year branded housing stopped being a luxury—and started becoming a necessity.
Also read | 3 reasons why Warren Buffett doesn’t buy REITs, but here’s why that shouldn’t stop you
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
