India’s leading listed real estate developers recorded an 18% year-on-year rise in pre-sales revenue in FY26, driven largely by aggressive expansion into multiple cities and strong demand in the premium and luxury housing segments.
According to an analysis by Anarock Research, the combined pre-sales revenue of the top 11 listed real estate developers increased to over ₹1.48 lakh crore in FY26 from nearly ₹1.26 lakh crore in FY25.
Premium and luxury housing fuel growth
Developers with a strong presence in the premium and luxury housing segments outperformed the broader market during the fiscal.
Anarock Group, Chairman, Anuj Puri, said, “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%.”
Among the major developers, Prestige Estates recorded the highest growth in pre-sales revenue at 76%, reaching ₹30,024 crore in FY26 compared to ₹17,023 crore in FY25. Puravankara reported 48% growth, while Sobha and Keystone (Rustomjee) posted growth of 30% and 33%, respectively.
Godrej Properties remained the top performer in terms of absolute pre-sales revenue at ₹34,171 crore in FY26, followed by Lodha at ₹20,530 crore and DLF at ₹20,143 crore.
Developers expand beyond home markets
The report highlighted that pan-India expansion has emerged as a key growth strategy for leading developers, with firms increasingly reducing dependence on their traditional home markets.
Puri said, “For instance, nearly 68% of Godrej Properties’ FY26 pre-sales came from markets outside MMR. Similarly, Prestige Estates has aggressively diversified beyond Bengaluru, with nearly 60% of its FY26 pre-sales contributed by Mumbai, Hyderabad and NCR.”
The report added that Lodha continued reducing its dependence on the Mumbai Metropolitan Region (MMR), with around 32% of FY26 pre-sales coming from Pune and Bengaluru. Puravankara also expanded aggressively into redevelopment opportunities in Mumbai and other cities.
South India-based developers such as Prestige Estates, Sobha, Brigade Enterprises and Puravankara have steadily strengthened their presence across MMR, NCR, Hyderabad and Pune.
Regional concentration remains for some players
While several developers pursued national expansion, some players continued to remain heavily concentrated in their home markets.
DLF derived nearly 90% of its FY26 pre-sales from NCR, while Signature Global remained entirely NCR-centric during the fiscal year.
Puri said, “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.”
New launches reflect diversification strategy
The study noted that new launch activity across listed developers also reflected the shift towards geographic diversification.
According to Anarock Research, only around 32% of Godrej Properties’ FY26 pre-sales came from its home market MMR, compared to 55% in FY21. Additionally, just 10% of the company’s total new unit supply in FY26 was launched in MMR, with the remaining 90% spread across other major cities.
Prestige Estates also significantly reduced its dependence on Bengaluru, with the city’s contribution to pre-sales declining from around 90% in FY21 to 40% in FY26.
Sobha, Brigade Enterprises and Puravankara also expanded their footprint across Chennai, Hyderabad, Pune and Mumbai during FY26.