Bengaluru: After a muted start to fiscal year 2027, India's top four listed real estate developers are gearing up for massive project launches, largely premium, to get their sales targets back on track.
DLF Ltd, Godrej Properties Ltd, Prestige Estates Projects Ltd and Lodha Developers Ltd are preparing to bring over ₹1 trillion worth of projects to the market after geopolitical uncertainty due to the West Asia war and approval delays pushed back several launches in the June quarter. These developers aim to clock ₹1.19 trillion of combined sales bookings this year.
The lack of launches in the first quarter led to a drop in the quarter's sales bookings for the realtors, barring Godrej Properties.
All eyes are now on the second half of FY27.
Lodha Developers, which deliberately deferred launches during the June quarter, has a ₹20,000-crore launch pipeline that may expand as it ties up more land parcels. In July, it launched a project in Bengaluru and is expected to launch its first projects in Gurugram, marking its entry into the National Capital Region. It is targeting ₹24,000 crore of pre-sales from housing projects in FY27.
“Most of the launches will happen in the second half of the year. We are on track to deliver the pre-sales growth,” said Sushil Kumar Modi, executive director-finance at Lodha Developers.
Real estate developers typically rely substantially on fresh launches to boost sales, though some developers such as Lodha generate significant sustenance sales from existing project inventory.
DLF, which reported a 94.3% decline in Q1 sales bookings to ₹657 crore, in the absence of new project launches, is set to launch its first senior living project in Gurugram later this year, for which it awaits a final approval. The 5 lakh sq ft project is expected to have a development potential of around ₹2,000 crore.
DLF is also gearing up to sell the next phase of inventory in its ultra-luxury project, The Dahlias in Gurugram, once it completes constructing an experience centre to showcase the property.
Aakash Ohri, managing director and chief business officer of DLF Home Developers, in an analyst call on Tuesday said, “The Dahlias is now witnessing price realization of over ₹1 lakh per sq ft. Entry-level pricing for apartments has crossed ₹100 crore, while the more premium residences in the project are now priced at ₹160-170 crore.” DLF is also scheduled to launch the next phase of its Mumbai project and a luxury villa project in Goa.
Total new launches in India's top seven cities fell 16% to 1,06,000 new units in the June quarter from 1,26,265 units in the preceding quarter, as the geopolitical uncertainty weakened buyer sentiment that made many developers cut back on new supply, as per Anarock Property Consultants.
Godrej Properties, the only developer that launched three projects during the June quarter and reported the highest sales among the top four, has a ₹48,000 crore launch pipeline for FY27. In Q1, it launched around ₹10,000 crore, or 22% of its launch target.
“We have a few big launches planned for this year, both in the premium and luxury categories. We did not hold back on launches in the first quarter and that's a benefit of being present in multiple geographies. Pirojsha Godrej, executive chairperson of Godrej Properties said. "So, if one project launch slows down for some reason, we launch something else.”
In the course of the year, Godrej has launched properties across India, including a much-awaited luxury project launch in Mumbai’s Bandra and a premium project in Delhi's Ashok Vihar.
Project launches are critical to boost collections for developers. Bengaluru-based Prestige Estates, for instance, is targeting collections of over ₹20,000 crore and plans to launch projects with a gross development value (GDV) of around ₹60,000 crore during FY27.
The developer launched only one major project in Hyderabad in Q1, and the limited launch momentum led to a drop in sales bookings. As regulatory approvals come through, Prestige will launch a number of projects across Mumbai, Bengaluru and the NCR.