Recent market data from HDFC Securities confirms that India's real estate sector has delivered robust performance in Q1 FY27, with Sobha, Godrej Properties, and Mahindra Lifespaces likely to report the highest-ever Q1 presales for the brokerage's coverage universe. According to NDTV Profit, this presales recovery has been stronger than the estimated 3-6 month slowdown following the West Asia conflict and subsequent stock market correction. The brokerage reports that residential sales across the top seven cities declined ~6% YoY in Q1 FY27, with the softness concentrated in specific cities and segments rather than a broad-based structural pullback.
According to Equirus Capital's Managing Director & Sector Lead – Infrastructure Vijay Agrawal, India's real estate upcycle is far from over, with listed developers set for another year of strong growth. As reported by CNBC TV18, Agrawal stated that concerns about the housing cycle plateauing are misplaced, as developers had delayed launches in calendar year 2025 due to broader market conditions but those projects are now coming to market. The brokerage expects strong pre-sales and improving visibility for the sector as new project launches pick up momentum. Recent key launches by Prestige Estates, Godrej Properties, Oberoi Realty, Sobha, and Mahindra Lifespaces have demonstrated strong expression of interest collections and conversions, a further sign of underlying demand resilience for branded developers.
Agrawal believes listed developers are benefiting from a structural shift in the market, with buyers increasingly choosing established brands over smaller, unorganised builders. According to the report, large real estate companies have built more disciplined project pipelines by acquiring land and securing approvals well in advance, allowing them to launch projects consistently instead of relying on one-off developments. This strategic approach has positioned established players to capitalise on the current market recovery, with the trend reinforced by recent strong EOI traction spanning both southern and western market developers.
Among specific regional opportunities, Agrawal is particularly positive on developers with projects in Mumbai's eastern corridor, where large infrastructure investments and new metro connectivity are expected to unlock value. As reported by CNBC TV18, companies such as Raymond Realty and Godrej Properties, which own sizeable land parcels in the region, stand to benefit as development gathers pace. The infrastructure developments are anticipated to significantly enhance the corridor's appeal to potential buyers.
The recovery in housing is expected to boost companies that supply construction materials, with demand for products such as sanitaryware, bathroom fittings, furniture and other interior materials likely to strengthen after a relatively muted period. According to Agrawal's comments to CNBC TV18, "So, we are seeing the surge in the building material sales, definitely... this year you should be seeing more good robust sales from them also, because the flat delivery is happening now." As more residential projects move closer to completion and homebuyers take possession, this sector is positioned for significant growth.
Among southern developers, Prestige Estates Projects has emerged as a standout player by successfully expanding beyond its traditional markets. As reported by CNBC TV18, rather than relying heavily on buying land, the company has partnered with local developers to enter cities such as Mumbai, Hyderabad and the National Capital Region (NCR), helping it build a pan-India presence. HDFC Securities has identified top picks including Prestige Estates, Oberoi Realty, Sobha, and Mahindra Lifespaces as preferred mixed-use developers with high rental portfolios and stable presales. The brokerage notes that this EOI traction, spanning both southern and western market developers, reinforces the view that the demand slowdown has been more sentiment-driven than structural.
