Godrej Properties Ltd (GPL), India’s best-selling residential developer, started fiscal year 2027 (FY27) with the strongest sales performance among the country’s top listed real estate firms, underscoring sustained demand for branded developers even as its reported earnings weakened because of accounting-driven revenue recognition.
Sales bookings rose 22% year-on-year to ₹8,651 crore in the April-June quarter, (Q1FY27) marking the sixth consecutive quarter in which GPL recorded booking value of more than ₹7,000 crore.
The strong pre-sales contrasted with weaker reported financials. Net profit fell 42% year-on-year to ₹350 crore from ₹600 crore a year earlier, while total income declined 16.9% to ₹1,345.04 crore, primarily because of lower revenue recognition. GPL recognizes revenue under the project completion accounting method, meaning reported income does not necessarily move in tandem with bookings.
“After a slight pause in March due to the geopolitical uncertainty, when we lost out on some sales, the situation turned around in the June quarter. In fact, we have been surprised by the demand momentum. The demand for good developers is steady and gives us an opportunity for market share gains,” Pirojsha Godrej, executive chairperson, Godrej Properties, told Mint in an interview.
The company expects the momentum to continue through the rest of the financial year, driven by end-user demand across its key markets.
“We remain on track to deliver on sales bookings of over ₹39,000 crore and collections of ₹24,000 crore for the year, which will allow us to generate approximately ₹9,000 crore of operating cash flow, that will allow us to continue to invest in sustainable growth,” Godrej added.
GPL also continued to replenish its project pipeline. During the quarter, it added three new projects with an estimated saleable area of about 8 million sq. ft and an expected booking value of ₹9,500 crore.
The company delivered 900,000 sq. ft during the quarter and is targeting total deliveries of 13.5 million sq. ft in FY27.
Branded builders gain ground
GPL’s performance comes as India’s largest listed residential developers continue to consolidate market share amid resilient demand for established brands.
The country’s four biggest listed developers—DLF Ltd, Godrej Properties, Prestige Estates Projects Ltd and Lodha Developers Ltd—are targeting combined housing sales of ₹1.19 trillion in FY27 while pursuing profitable growth and calibrated land acquisitions. Together, they crossed ₹1.05 trillion in sales bookings in FY26, reflecting sustained demand for branded developers.
Among the four, GPL has set the highest sales target for FY27.
The contrast with peers was evident in the June quarter. DLF on Monday reported a 94.25% decline in sales bookings to ₹657 crore, largely because it did not launch new projects during the quarter, which typically drive pre-sales.
Mumbai-based Lodha Developers reported a marginal 4% increase in sales bookings to ₹4,629 crore despite no fresh launches, while Bengaluru-based Prestige Estates Projects posted sales of ₹6,579.30 crore, down 46% on year.