Despite limited new supply, developers benefited from resilient subsistence sales. DLF, Godrej Properties and Prestige Estates were among the strongest contributors for the quarter, backed by major launches and strong brand equity.The 1H26 figures also reflect this momentum, with pre-sales for the top 21 players growing 34% year-on-year to ₹8.73 lakh crore.
Notable performance highlights include:
Prestige Estates: Pre-sales up 50% year-on-year to ₹60,173 million in Q2
Godrej Properties: Pre-sales up 64% YoY to ₹85,050 million
DLF: Up 526% YoY, driven by a major launch in Mumbai
Volumes are improving as prices stabilize
Developers moderated price increases to maintain affordability. Average realizations for the top 20 increased 4% y/y, driving volumes up 18% y/y to 30.65 msf.
Collections remain strong
Collections, a key indicator of financial health, rose 15% year-on-year to ₹266,444 million in Q2-26, helped by faster construction progress and steady customer inflows. Prestige, Sobha, Brigade and Lodha reported strong double-digit growth.
Developers continue to aggressively purchase land
Land acquisition remained a strategic priority. Developers allocated around 34% of H1FY26 revenues to land investments, in line with FY25 levels, underscoring strong balance sheets and confidence in continued housing demand.
Prestige, Godrej Properties and Lodha were among the most active investors in plots.
The leverage effect remains comfortable
The sector’s financial discipline is reflected in the improvement of leverage data. The net debt to equity ratio remains at the lowest levels in recent years for several players, with Sobha, Oberoi and DLF reporting negative or near-zero net debt.
The launch pipeline for H2FY26 remains strong
Despite subdued launches in Q2, developers are targeting pre-sales growth of 18-20% year-on-year in FY26, supported by a robust launch pipeline in H2FY26.
Prestige Estates and Brigade remain Nuvama’s top picks
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