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India's major listed real estate firms reported impressive sales in the second quarter of fiscal year 2024, collectively achieving nearly Rs 35,000 crore in pre-sales. The total sales bookings for 26 top real estate players amounted to Rs 34,985 crore for the July-September period, with the bulk of these sales coming from the residential segment.

Godrej Properties emerged as the frontrunner, leading the pack with a remarkable Rs 5,198 crore in pre-sales during the quarter. The Mumbai-based Macrotech Developers, selling properties under the Lodha brand, secured Rs 4,290 crore, while Delhi-NCR-based Max Estates reached Rs 4,100 crore in sales. Bengaluru's Prestige Estates Projects followed closely with Rs 4,022.6 crore in sales bookings. Signature Global, based in Delhi-NCR, reported Rs 2,780 crore in pre-sales, primarily driven by strong demand in Gurugram.

Despite the positive figures overall, some large developers reported a dip in sales compared to previous quarters. DLF Ltd, the largest real estate company in India by market capitalisation, experienced a sharp decline in its sales bookings, dropping to Rs 692 crore in Q2 from Rs 6,404 crore in the first quarter. This decline was attributed to the absence of new project launches and the inauspicious Shraadh period during the quarter.

Other notable performers included Brigade Enterprises Ltd, which clocked sales bookings of Rs 1,821 crore, and Oberoi Realty with Rs 1,442.46 crore. Several smaller firms also saw positive growth, with TARC Ltd reporting Rs 1,012 crore in sales, while Puravankara Ltd and Sobha Ltd achieved bookings of Rs 1,331 crore and Rs 1,178.5 crore, respectively.

The market has witnessed a noticeable shift in consumer demand, with buyers increasingly favouring developers with a strong track record of timely project delivery. This shift follows concerns among homebuyers about investing in projects from developers with poor execution histories. High-profile cases involving NCR-based builders, such as Unitech and Jaypee Infratech, have heightened these concerns, leaving thousands of buyers embroiled in legal disputes with authorities and courts.