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Real estate demand is currently resilient in most markets. Bengaluru is seeing heightened absorption in 1Q, as witnessed in FY26. Mumbai is seeing steady absorption, so is Hyderabad. Gurugram is seeing softening of demand, though Oberoi Realty (OBER), Godrej Properties (GPL) and Sobha (SOBHA) witnessed excellent response to their recent launches. Due to seasonality, overall number of launches were muted in 1Q and are typically bunched up to 2HFY27. In 1QFY27, only a few developers witnessed launches, including GPL, Prestige Estates Projects (PEPL), SOBHA, Mahindra Lifespace Developers (MAHLIFE), OBER, and Kalpataru (KALPATAR). Most of these launches in 1QFY27 received healthy response. Rest of the major players will have sustenance sales in 1QFY27. In the retail malls segment, consumption momentum remained healthy in 1QFY27, supported by premium brand additions, category expansion, and stronger experiential retail. We expect both Nexus Select Trust (NXST) and Phoenix Mills (PHNX) to deliver high double-digit consumption growth in 1QFY27.

SOBHA

During this quarter, SOBHA launched two major projects—Sobha Crescent in Gurugram and Sobha One World in Hoskote, Bengaluru. Both projects received healthy response, and we expect them to contribute aggregate pre-sales of over Rs25bn in 1QFY27. Thus, on the back of healthy responses to these two large launches and sustenance sales, we expect SOBHA to clock pre-sales of >Rs30bn in 1QFY27. SOBHA had a strong FY26, with pre-sales of Rs81.4bn (30% YoY). FY27 pre-sales guidance is >Rs100.0bn, which we expect the company to comfortably surpass

MAHLIFE

MAHLIFE has three new launches lined up for 1QFY27—Rainforest in Kanjurmarg, BeaconHill in Mahalaxmi, and Citadel (new phase) in Pimpri. Of these, only Rainforest project pre-sales will reflect in 1QFY27, with the other two from 2QFY27. On the back of a healthy response from Rainforest and sustenance sales, we expect pre-sales of Rs9bn in 1QFY27. MAHLIFE too had a strong FY26, with pre-sales of Rs34.1bn (21% YoY). FY27 pre-sales guidance is >Rs45bn, which we expect MAHLIFE to comfortably surpass

GPL

GPL had a strong FY26, with pre-sales of Rs341.7bn (16% YoY); FY27 pre-sales guidance is Rs390.0bn. In 1QFY27, GPL launched quite a few projects, including Vanantara in Bengaluru, Samaris in Gurugram, and Brooklyn Avenue in Hyderabad. Although RERA approval was received for two other projects—Crown Residence in Noida and Altus in Ahmedabad—the numbers will not be reflected in 1QFY27. Both Vanantara and Samaris should post healthy numbers. Thus, in 1QFY27, we expect GPL to clock presales of >Rs80bn.

OBER

Although Three Sixty North in Gurugram received RERA approval in 1QFY27, the project was launched in July-26 and reported stellar pre-sales of Rs81.1bn. Thus, Three Sixty North’s numbers would be reflected in 2QFY27 pre-sales. Besides Three Sixty North and Oceanic, OBER is expected to have one more launch in FY27 – a Pedder Road project (National Garage) with GDV of >Rs26.0bn in 2HFY27. We expect OBER to surpass presales of Rs130bn in FY27 (FY26: Rs54.5bn). OBER had just one small launch in 1QFY27 – Oberoi Oceanic in Carter Road, with GDV of ~Rs6bn. Thus, pre-sales in 1QFY27 would be mostly sustenance sales. We expect OBER’s pre-sales to be ~Rs100bn in 1QFY27.

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