Quote on Real Estate Q3FY26 Details by Pankaj Kumar, VP-Fundamental Research, Kotak Securities
Below the Quote on Real Estate Q3FY26 Details by Pankaj Kumar, VP-Fundamental Research, Kotak Securities
We expect modest pre-sales across our residential real estate coverage in Q3FY26, largely due to lower launch activity. Aggregate pre-sales of our universe are likely to decline ~5% yoy in the quarter, primarily driven by a sharp ~80% yoy fall in DLF’s pre-sales, which had a high base in the corresponding quarter last year.
Among peers, Prestige, Godrej, and Sobha are expected to deliver strong pre-sales, supported by launches in key markets. In contrast, Brigade and Signature may see yoy moderation in pre-sales despite launches, owing to a strong base. Lodha, Oberoi, and Sunteck should see performance largely supported by sustenance sales, given the absence of major project launches.
Industry data also points to some moderation in Q3FY26 pre-sales, reflecting the softer launch environment. For commercial real estate, Q3FY26 earnings should continue to be aided by new lease rentals from such occupancy improvement, alongside regular rental escalations and mark-to-market for renewals. We also expect a gradual improvement in distributions from office REITs.
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