IGI Logo

Pre-sales Trend

Our channel checks indicate Q1FY27 pre-sales across our coverage and non-coverage universe a mix bag reporting. Strong launch momentum was witnessed across companies like Prestige Estate (PEPL IN), Godrej Properties (GPL IN), and SOBHA Ltd (SOBHA IN). Overall, they launch GDV worth of ~INR 276bn in Q1FY27. Our channel checks indicate strong response across these new launches underscoring healthy absorption and EoI conversions in well-located projects, alongside continued pricing power in premium micro-markets. In case of PEPL, pre-sales driven by Golden Grove and a sold-out Gardenia Estate Phase 2, GPL pre-sales aided by Vanantara and Samaris project while SOBHA pre-sales likely to be aided from Crescent and Hoskote bookings. In contrast, BRGD, OBER, DLF and ABRL are likely to see a muted quarter with no major launches, relying largely on sustenance sales.

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 muted pre-sales in Q1 due to absence of new launches. We expect pre-sales at INR 8-10bn driven by sustenance sales. For FY27, company has guided for 20% YoY growth targeting its pre-sales to reach upto ~INR 90bn. BRGD has ~11.6msf of new launch pipeline for FY27. Timely launches will be critical for achievement of its pre-sales guidance.

* Prestige Estates Projects (PEPL):

PEPL is expected to report pre-sales of +INR70– 75bn in Q1, driven by strong response for its new launches – Golden Grove (Hyderabad), Forest Hills (Mulund), and Gardenia Estate Phase 2 (Bengaluru) alongside healthy sustenance sales. Among these, Golden Grove has seen particularly strong traction and is likely to contribute +Rs35-40bn to total presales. Gardenia Estate Phase 2 also witnessed exceptional demand, with the plotted development reportedly sold out at launch. YoY pre-sales are expected to remain subdued due to higher base bookings from Indirapuram project in Q1FY26. Additionally, the company is awaiting RERA approval for Palm Court (Chennai), which is expected by end-Jun’26; launch within the quarter could provide further upside to our pre-sales estimates.

* Oberoi Realty (OBER):

Q1 pre-sales are expected to remain steady at ~INR10–12bn, driven by sustenance sales across existing portfolio, with no launches during the quarter. We expect double-digit YoY pre-sales de-growth. The company has applied for RERA approval for its 360 West Gurgaon project; regulatory clearance is expected in the coming weeks. Further, OBER has planned to launch Carter Road (OceanicRERA received), Pedder Road, Malabar Hill (Fairview), and Thane (Forest Ville Tower D), Thane (Jardin Tower A), Mulund (Ralli Wolf) in FY27E. Timely approval and successful launch will be key catalyst for pre-sales in FY27.

* Sunteck Realty (SRIN):

Q1 pre-sales are expected at ~INR8.0bn (~22% YoY growth), driven by a healthy response to the launch of the 3rd tower at Mira Road, 2 towers at SBR (Vasai), and Naigaon inventory, along with sustained traction across its premium inventory portfolio, including BKC, Nepean Sea Road, Altavia at 5th Avenue, ODC, and other ongoing projects. Looking ahead, the company is well-positioned to deliver healthy pre-sales growth in FY27E, backed by a strong launch pipeline comprising the 4th tower at Mira Road, Mira Road Phase 2, and Andheri Phase 2, subject to timely approvals and execution. Additionally, the proposed Dubai project remains a key growth catalyst and could provide a meaningful boost to pre-sales upon launch.

* Godrej Properties (GPL):

GPL is expected to report Q1 pre-sales in the range of INR80-85bn, driven by strong traction in its recently launched 2 projects, Godrej Samaris and the launch of Vanantara in Bengaluru. We expect Vanantara and Samaris to generate pre-sales upward of INR35-40bn and contribute ~50% to total pre-sales. The management has guided pre-sales of INR390bn and launch value of INR480bn for FY27 which is largely on track.

* DLF Ltd (DLF):

With no launches during Q1, we expect pre-sales of INR 15-20bn will be driven by sustenance sales from Dahliya and inventory monetization across its existing portfolio. We estimate steady Q1 pre-sales reflecting a relatively subdued quarter owing to the absence of fresh launches and a high base from Privana North in Q1FY26. Nonetheless, underlying demand remains healthy, and near-term pre-sales growth is expected to be supported by the company's strong launch pipeline of 24.3msf with potential GDV of ~INR595bn over the medium term.

* Aditya Birla Real Estate (ABRL):

ABRL is likely to see a soft Q1 with no new launches during the quarter and expect pre-sales range of ~INR 6-8bn will be entirely driven by sustenance sales from existing projects including Taranya (Thane), Mrida (Boisar), Evara (Sarjapur), Birla Trimaya (Phase 4 in Devanahalli), and Birla Ojasvi (RR Nagar) among others. The company has guided for launches worth INR95bn GDV potential (of which INR50bn pertains to Niyaara 3rd Tower) in FY27, with bulk of its launch pipeline skewed toward H2FY27.

* Sobha Ltd (SOBHA):

The company has launched ~6.6msf in Q1 so far, comprising 2 residential projects (Crescent in Gurugram and Hoskote in East Bengaluru) and a plotted development project in Bengaluru. Our channel checks indicate strong market response to both residential project launches, which are likely to contribute INR18-20bn to total pre-sales. Overall, we expect ~35-45% YoY and QoQ growth in pre-sales in Q1FY27. Key contributors to sustenance pre-sales are expected to be Town park, Neopolis, Ayana, and Infinia in Bengaluru; Rivana (Noida); and Aranya, Altius (NCR)

Please refer disclaimer at Report
SEBI Registration number is INH000000933