Realty’s rising stars: 5 Indian developers delivering growth you can bank on in 2026

After years of stagnation, the sector has found its rhythm with record pre-sales, rising collections, and stronger balance sheets. Developers are launching more projects, buyers are back in force, and investors are taking notice.

The numbers tell the story.

In the past three years, many listed realty firms have compounded sales and profits at 20–30% annually, driven by premium launches, robust demand, and steady annuity income. Unlike the previous cycle, growth today is supported by cash flows and leaner leverage.

Yet, valuations have also risen, and not every stock justifies its price. The challenge for investors is separating momentum from sustainable growth. Companies that combine execution strength, financial discipline, and expansion visibility stand to deliver the most value.

Here are five such names worth adding to your 2026 watchlist.

Oberoi Realty

Oberoi Realty develops across residential, office space, retail, hospitality, and social infrastructure. The company has earned a reputation for premium quality and timely execution.

Its strategy balances cash-generating residential sales with long-term annuity income from commercial and retail assets.

Over the past three years, its sales and profits have compounded at 25% and 28%, respectively, underscoring steady traction.

In FY25, total income stood at ₹54.7 billion and net profit at ₹22.3 billion. Operating cash flows for the year were ₹21.6 billion.

Q1 FY26 revenue from operations was ₹9.9 billion, down about 30% YoY, with an adjusted operating margin of 57.3%. The was largely due to a greater share of lower-margin rental and hospitality income replacing higher-margin residential revenue.

Growth will be driven by launches in Gurgaon, Borivali, and Adarsh Nagar. Commerz III is nearing full occupancy, Sky City Mall is scaling, and Thane will see new towers with social infrastructure. Expansion will be funded by internal cash flows and a ₹12.5 billion infusion in I-Ven Realty.

Phoenix Mills

Phoenix Mills is India’s largest retail-led mixed-use developer with a presence in malls, offices, hotels, and residences. Its portfolio includes Phoenix Palladium, MarketCity malls in Bengaluru, Pune, and Chennai, as well as Phoenix Citadel and the Mall of the Millennium.

Over the past three years, sales and profits compounded at over 38% and 58% annually.

FY25: Consolidated revenue ₹38.6 billion; Ebitda margins ~57%; retail consumption ₹137.5 billion; retail rentals ₹19.5 billion.

Q1 FY26: Retail consumption +12% YoY; rental income growth modest at 4% due to tenant churn, expected to lift margins over time.

Looking ahead, Phoenix is consolidating full ownership of the Island Star Mall platform through a ₹54.5 billion buyout of CPP Investments’ stake, payable over 36 months.

The transaction will be largely funded by internal accruals and platform-level cash flows, ensuring growth plans remain on track.

By 2030, the company aims to scale its portfolio to 14 million square feet (msf) of retail, 3.5 msf of offices, 1,200 hotel keys, and 2.5 msf of residential inventory.

Godrej Properties

Godrej Properties is among India’s largest developers, known for its focus on quality execution, strong brand equity, and a pan-India presence.

The company has steadily scaled up through joint developments and outright acquisitions, building a portfolio across housing, office, and mixed-use projects.

Over the past three years, sales and profits have compounded at over 39% and 55% annually, reflecting strong demand and consistent launch momentum.

In FY25, total income rose 57% while net profit nearly doubled. Collections grew 49% to ₹170.5 billion, translating into record operating cash flows of ₹74.8 billion.

Q1 FY26 was steady, with sales bookings of ₹70.8 billion, down 18% YoY but maintaining a two-year CAGR of 77%. Margins have been supported by premium launches, though reported earnings vary due to project completion accounting.

Looking ahead, the management has guided for FY26 bookings of ₹325 billion, a 20% rise over last year’s guidance. The launch pipeline exceeds ₹400 billion in sales potential, with projects in Bengaluru, NCR, and Mumbai.

Growth will be funded through strong internal accruals and ₹60 billion raised via QIP in FY25, which keeps leverage low.

Brigade Enterprises

Brigade Enterprises is among India’s leading property developers with a multi-asset portfolio across housing, offices, retail and hospitality.

The company has built marquee assets like Orion Mall and Brigade Gateway and has steadily expanded with support from strategic partnerships such as GIC.

Over the past three years, sales and profits have grown at a healthy double-digit pace, aided by strong demand in residential and steady annuity streams from leasing and hospitality.

In FY25, the company achieved record pre-sales of ₹78.5 billion, up 31% YoY, with volumes of 7.05 msf and average realisations up 40% to ₹11,138 per sq. ft.

Collections reached an all-time high of ₹72.5 billion, a 23% increase over FY24. Consolidated revenue was ₹53.1 billion and net profit rose to ₹6.8 billion.

Q1 FY26 continued the momentum with pre-sales of ₹11.2 billion on 0.95 msf, up 3% YoY, supported by a 24% rise in realizations from premium launches. Collections for the quarter were ₹17.3 billion, up 8% YoY.

Looking ahead, the company has lined up about 13 msf of launches in FY26 across Bengaluru, Chennai, Hyderabad, and Mysuru, with a gross development value of over ₹110 billion.

Commercial launches of about 2.5–3 msf are also planned, while Brigade Hotel Ventures aims to double its portfolio to 18 hotels in the next five years.

The company's growth will be funded by internal accruals and a comfortable balance sheet, with net debt-to-equity of just 0.34.

Brookfield India Real Estate Trust

Brookfield India Real Estate Trust is the country’s only 100% institutionally managed office REIT, with a portfolio of high-quality campuses across gateway cities such as Gurugram, Noida, Mumbai, and Kolkata.

The trust owns and operates marquee properties like Candor TechSpace, Downtown Powai, and Worldmark, anchored by long-term tenants across global capability centres, BFSI, and technology.

Over the past three years, net operating income and distributions have grown at double-digit rates, supported by steady leasing and contracted rental escalations.

In FY25, committed occupancy rose 600 basis points year-on-year to 88%, while in-place rents climbed 16% to ₹97 per sq. ft. per month.

Gross leasing for the year was 3.0 msf, with a healthy re-leasing spread of 18%.

The net operating income stood at ₹19.5 billion and distributions were ₹10.5 billion, translating into ₹19.25 per unit, up 8.5% over FY24.

Looking ahead, Brookfield expects leasing momentum to remain strong, with 1.5–2.0 msf of new leasing in FY26 and embedded growth of over 20% in distributions.

The trust has also proposed a ₹10 billion preferential issue for acquisitions in Bangalore and Chennai, building on the ₹47 billion already raised from marquee investors in FY25.

Conclusion

Real estate may be enjoying a golden run, but not every developer or REIT will deliver lasting value. Strong pre-sales, healthy collections, and prudent balance sheets will separate long-term compounders from speculative plays.

Investors must weigh execution risks, leverage, and valuations of the stocks. Growth at any cost rarely ends well in this sector.

As always, the best results come from focusing on quality names, assessing cash flow visibility, and ensuring a margin of safety in valuations.

Investors should evaluate the company's fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.

Happy investing.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such.

This article is syndicated from Equitymaster.com