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Q2FY27 pre-sales across our coverage indicate mixed bag reporting relying on launchled and sustenance sales. Strong launch momentum was witnessed in companies like OBER, PEPL and BRGD, while SRIN is likely to see no major launches, relying largely on sustenance sales. YoY growth for OBER will be substantially higher as expecting ~INR79-80bn worth of bookings at 360 North. BRGD is likely to report flat pre-sales YoY despite new launches worth of INR30bn GDV, given high base. Overall, we see steady growth in pre-sales YoY for our coverage universe. Our channel checks highlight healthy absorption in well-located projects, strong EoI conversions, and continued pricing power in premium micro-markets, though some softness is seen in luxury projects

We maintain a constructive stance on developers with strong launch pipelines, balance sheet discipline, and execution track record. Preference remains for players with Bengaluru/Mumbai exposure, premium positioning, and near-term launch visibility, which are best placed to sustain pre-sales growth into FY27E. Our top picks are PEPL and BRGD.

Brigade Enterprises (BRGD): BRGD is likely to report Q2FY27 pre-sales of ~INR20bn (flat YoY), driven by the launches of Barcelona (Hyderabad) and Misty Green (Mysore), worth GDV of INR30bn. Our channel check indicates both the projects received strong response. Further we expect healthy sustenance sales. Overall, 2.4msf of new launches in Q2FY27 with another 7msf of new launches expected in H2FY27. Timely launches will be critical for achievement of its pre-sales guidance.

Oberoi Realty (OBER): Oberoi’s Q2FY27E pre-sales are likely to be robust with successful launch of 360 North, Gurgaon which received strong response. Management had cited that around +INR80bn of sales got booked in initial response to project. Overall, we expect +Rs90bn pre-sales for Q2. Company has planned H2FY27 launches such as Adarsh Nagar, Aurelis (Peddar Road), Pokhran, Kolshet, Tardeo, Alibaug and Nirmal Lifestyle (Mulund), subject to requisite approvals. Timely approvals could enable near-term launches and improve H2FY27E pre-sales visibility

Prestige Estates Projects (PEPL): Prestige is expected to deliver Q2FY27 pre-sales of ~INR 65-70bn (+8-15% YoY), aided by three new launches totaling ~5.78msf with total GDV potential of INR 44bn. This includes Palm Court (Chennai), Breez TPC (Bengaluru), and Parklane (Bengaluru). Overall, we expect ~INR30bn from new launches. Management reiterated 15–20% pre-sales growth guidance with overall launch pipeline of ~INR450bn for FY27, with approval delays (RERA) the key risk, not demand.

Sunteck Realty (SRIN): SRIN's Q2FY27 pre-sales are expected to be driven by sustenance sales as there was absence of new launches. We expect pre-sales to grow by 15-20% for Q2 at ~INR 8-8.4bn, driven by sustained traction at Mira Road, SBR (Vasai), along with its premium inventory portfolio, including BKC, Nepean Sea Road, Altavia at 5th Avenue, ODC, and other ongoing projects. The company is well-positioned to deliver healthy pre sales growth in FY27E, backed by a strong launch pipeline comprising the 4th tower and phase 2 at Mira Road and Andheri Phase 2, subject to timely approvals. Mgmt guides 25-30% pre-sales growth for FY27. Additionally, the proposed Dubai project remains a key growth catalyst and could provide a meaningful boost to pre-sales upon launch in FY28.

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