Top Real Estate Developers Expected to Show Strong Earnings, Even as Overall Housing Sales Dip

Despite a drop in overall housing sales across major Indian cities during the July–September quarter of 2025–26, leading real estate developers are expected to report strong earnings and steady presales growth.

This period, usually a slower time for the housing market, has still shown positive signs for big players in the industry. Experts say that good performance is due to stable ongoing sales, better cash collections, strong brand positioning of listed developers, and continued demand for premium homes.

Vijay Agrawal, Managing Director at Equirus Capital, explained that earnings are expected to keep improving as developers finish projects and meet key milestones. He added that companies with almost completed projects and solid construction progress will likely report better results in the coming months.

According to a report by Anarock, housing sales in India’s top seven cities dropped 9% year-on-year in Q2, falling to 97,080 units. This was mainly due to rising costs, limited affordability, and mixed demand across regions.

However, this dip hasn’t affected large listed developers as much. Anarock Chairperson Anuj Puri said that major developers are likely to post strong financial results, helped by better sales, healthy cash flows, and a good mix of products.

He also noted that their stronger cash positions and access to funding allow them to handle slowdowns better. These companies also have brand power, which helps them maintain pricing and margins.

Typically, the July–September quarter is slower for real estate. This is because of Shradh Paksha (a period considered inauspicious for new purchases), the monsoon season that delays site visits, and fewer project launches.

HSBC analysts mentioned that these factors affect buyer interest and slow down construction activity. However, they pointed out that demand has actually improved compared to last year, which was affected by elections. Still, new launches were limited due to approval delays and timing around religious beliefs.

Akshay Shetty, a research analyst at Mirae Asset ShareKhan, said that big, well-known developers have continued to attract buyers, especially in the premium and luxury segments. Companies with new launches did well in Q2, while those without new launches saw moderate growth.

Some examples:

Macrotech Developers (Lodha), based in Mumbai, reported 7% growth in presales at Rs 4,570 crore, despite having fewer new project launches.

Prestige Estates Projects from Bengaluru saw a huge 50% jump in sales to Rs 6,017.3 crore, boosted by a major project in NCR and new developments in Bengaluru.

DLF, based in NCR, is expected to show strong growth after its first project in Mumbai sold out quickly, along with steady luxury sales in Gurugram.

Godrej Properties is also likely to post a solid quarter, thanks to a mix of new launches and good sales from ongoing projects. Analysts expect presales to be between Rs 6,000 crore and Rs 9,000 crore.

Oberoi Realty, on the other hand, may see a drop in presales since it didn’t launch any new projects in the quarter. Its sales came mostly from existing ones.

A report by Motilal Oswal Financial Services says that top real estate firms are set to report strong growth in earnings. Revenue across key developers is expected to grow by 23% year-on-year to Rs 17,200 crore. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) are expected to rise 44% to Rs 5,300 crore, with margins of 31%.

Profit after tax (adjusted) is expected to increase by 29% to Rs 4,400 crore, with a profit margin of 26%.

Analysts say that the strong response to recent project launches has helped developers sell a good chunk of their inventory. Even ongoing projects have continued to perform well, thanks to steady buyer interest and solid payment collections.

Agrawal added that developers have enough ready-to-sell inventory from earlier launches, which usually sells over a 2–3 year period. Since market conditions are a bit cautious, many developers are holding off on launching new projects and focusing instead on selling what’s already available. This strategy has helped them maintain stable presales.