India’s biggest listed real estate developers closed the first half of FY26 with a performance that signals something important about today’s housing market: momentum is still strong, and buyer trust is shaping who gets the largest share of business. The top 28 listed developers together logged pre-sales worth Rs. 92,437 crore in the April–September period. That figure alone makes clear that residential demand hasn’t cooled after the pandemic, it has only become more selective.
Prestige Estates Projects continued its sharp upward trajectory, finishing H1 with Rs. 18,143.7 crore in pre-sales. That puts the Bengaluru-based developer comfortably ahead of most of its peers and reinforces the shift toward large, national-scale brands. DLF followed with Rs. 15,757 crore in pre-sales, and Godrej Properties reported Rs. 15,587 crore. Lodha Developers, one of Mumbai’s most active firms, recorded Rs. 9,020 crore, while Gurugram-based Signature Global delivered Rs. 4,650 crore.
Together, just these five developers generated more than Rs. 63,000 crore in residential sales. Put differently, they accounted for nearly 70 percent of the total pre-sales among all listed firms. It is a level of concentration that would have been hard to imagine a decade ago, when smaller regional players held a larger slice of the market.
For analysts tracking the sector, the numbers mirror how homebuyer behaviour has changed since 2020. The pandemic years exposed delays, stalled projects and liquidity issues among weaker developers. As a result, buyers, especially in metros have shifted firmly toward brands with strong balance sheets, delivery records and access to capital. This consolidation has accelerated as construction costs rise and compliance demands become stricter.
Beyond the top tier, several well-known names posted steady performances. Sobha Ltd achieved Rs. 3,981.4 crore in sales during the half-year, and Brigade Enterprises touched Rs. 3,152 crore. Oberoi Realty, one of Mumbai’s luxury-focused players, reported Rs. 2,937.74 crore. Kalpataru Ltd reached Rs. 2,577 crore, supported by a pipeline of projects in both Mumbai and Pune. Puravankara Ltd followed with Rs. 2,455 crore.
The mid-sized group—companies like Keystone Realtors (Rs. 1,839 crore), Sunteck Realty (Rs. 1,359 crore), Aditya Birla Real Estate (Rs. 1,312 crore), and Kolte-Patil (Rs. 1,286 crore)—posted stable numbers but did not see the same acceleration as the larger firms. This middle band reflects a key reality of the market: they have enough scale and brand recognition to stay competitive but not enough to match the rapid expansion of the top-five developers.
Below that, the sub-Rs. 1,000 crore category includes a wide mix of regional players, Ajmera Realty, Raymond Realty, Ashiana Housing, Embassy, Arvind Smartspaces, TARC, Arihant Superstructures, Max Estates, Arkade Developers, and Sri Lotus Developers. These firms continue to sell units and maintain visibility, but the distance between them and the larger groups is widening. Suraj Estate Developers posted the lowest pre-sales in the sample at Rs. 234 crore.
Part of why these pre-sales figures matter is that they provide a forward-looking view of each company’s financial health. Revenue gets recognised only after construction reaches certain milestones, but pre-sales tell investors how strong the pipeline is and how quickly a developer can convert launches into bookings. For comparison, in FY25, 26 major developers together recorded Rs. 1.62 lakh crore in pre-sales. Godrej Properties alone accounted for nearly Rs. 30,000 crore that year, reflecting its aggressive land acquisitions and nationwide launch strategy.
The H1 FY26 performance suggests that the broader market trends remain intact. Demand continues to hold firm despite high interest rates and rising property prices. In metros, upgrades are driving volumes: buyers who delayed decisions during the pandemic are opting for larger homes with better amenities, improved safety and reliable completion timelines. Developers with the capital to acquire land in desirable locations and launch integrated townships are benefiting the most.
What stands out is how sharply the market has consolidated. The top developers are now expanding into new cities, acquiring distressed projects and forming joint ventures with smaller landowners. This allows them to scale faster while customers respond positively to their brand stability. Smaller firms, without the same financial muscle, find it harder to keep pace.
If this trajectory continues through FY26, the sector is on course for another record year in residential sales, even as commercial real estate remains uneven across markets. The sustained dominance of large developers hints at what the next phase of India’s real estate cycle could look like: fewer players, stronger balance sheets, and a buyer base that rewards trust as much as price.
As India’s urban centres expand and premium housing gains traction, the country’s real estate landscape is steadily tilting toward those with both the financial depth and operational scale to deliver consistently. The first half of FY26 shows that this shift is no longer tentative, it’s becoming the defining structure of the market.
