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Real estate developers sustain sales momentum amid global headwinds

ICICIdirect Research 09 Oct 2026 DISCLAIMER

Demand depth-strong sustenance sales plus fast new launch absorption: Despite geopolitical uncertainties causing supply chain disruptions, rising crude prices and weakening rupee, Real Estate developers across Mumbai and Delhi NCR region reported strong presales growth over Q2FY26. Raymond Realty, Max Estates and Keystone Developers presales came in at ₹ 902, ₹ 1423 and ₹ 2100 crore respectively up 98%, 84% and 12.5x over Q2FY26. Both Raymond Realty and Max Estates presales growth was led by sustenance sales whereas Keystone Realtors presales growth was led by new project launch. DLF also received exceptional response (400+ LOI for 172 residences) for its launch of maiden luxury senior living project worth ₹ 1985 crore which is sold out.
Strong launch pipeline for H2 to tap festive demand: Going ahead the companies have strong pipeline of projects for launch in H2FY27E. DLF, Max Estates, Keystone Realtors and Raymond have project pipeline of more than ₹ 15000, ₹ 6500, ₹ 6000 and ₹ 4000 crore respectively which will help them achieve their presales guidance for FY27E.
Longer term outlook stays positive: Resilient demand for quality real estate is led by India’s emergence as a global hub for talent as GCCs shift from simple back office to high-value R&D, AI and strategic business hubs, continued urbanization (40% population expected to live in urban areas by 2036) coupled with healthy GDP growth of 7.1%. The Indian real estate market which is currently ~$600 billion is projected to become a $1 trillion market by 2030 growing at ~11% CAGR over 2025-30 respectively.
The Nifty Realty Index has provided 7.7% return over the last 6 months, during which DLF and Max estates have provided 15% and 43% respectively. We prefer DLF (TP: 810 +26% upside), Oberoi Realty (TP 2200 +30%), Arvind smart spaces (TP 820 +36%) and Aditya Brila Real Estate (TP 1800 +78%)

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