India’s property market started FY26 strongly. Pre-sales were high. Business growth was good. Balance sheets looked healthy. Commercial rents also increased.
Analysts report developers met FY26 pre-sales goals. Only Oberoi Realty did not give guidance. Nomura sees the market holding firm. This is despite a slow period in Q2 FY26.
Nomura views the market as strong. It remains steady even with tariff worries. Job losses in the IT sector also add uncertainty. Developers, except Oberoi Realty, kept their FY26 sales targets. This shows the market’s inner strength. Lodha Developers notes branded builders face supply limits. They are not limited by buyer demand.
Lodha, Godrej, and Prestige showed strong business growth. Lodha met over 90% of its yearly goal. Prestige reached 77% of its sales target. Oberoi Realty bought Juhu Hotel for Rs 9 billion. This included valuable land.
Commercial rents provided steady income. DLF’s venture saw a 15% yearly rise in income. Oberoi Realty’s rents jumped 62%. This came from its office and mall spaces. Prestige expects Rs 33 billion in yearly rents by FY28. Lodha targets Rs 15 billion by FY31.
Developers maintained low debt. DLF had a net cash position. Oberoi Realty’s debt-to-equity ratio was very low. Godrej, Prestige, and Lodha also managed their debt well. They used project collections to fund building costs.
Nomura favors Lodha Developers and Oberoi Realty. It sees recent stock drops as buying chances. Lodha is a top pick for Nomura. Its strong project plans should meet FY26 goals. Nomura also likes Oberoi Realty. It expects its pre-sales to grow 30% annually.