Mumbai: India’s residential real estate market is increasingly being shaped by listed developers that have expanded beyond their traditional home markets to establish a strong presence across multiple cities.
According to an analysis by ANAROCK Research, the strategic geographic diversification undertaken by leading listed developers has translated into significant gains, with combined pre-sales revenue of the top 11 listed real estate companies rising 18% year-on-year to more than ₹1.48 lakh crore in FY26 from nearly ₹1.26 lakh crore in FY25.
The analysis, based on investor presentations, annual reports, and regulatory filings of major listed developers, covered Godrej Properties, Prestige Estates, DLF, Lodha (Macrotech), Signature Global, Brigade Enterprises, Puravankara, Oberoi Realty, Kolte-Patil, Keystone (Rustomjee), and Sobha Ltd.
The combined pre-sales revenue of these listed developers increased from ₹1,25,841 crore in FY25 to ₹1,48,158 crore in FY26, underscoring the resilience of India’s housing market and the growing effectiveness of multi-city expansion strategies.
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Anuj Puri, Chairman – ANAROCK Group, said, “The strongest growth was witnessed among developers with significant premium and luxury housing portfolios.
Prestige Estates tops the chart with a sharp 76% annual growth in pre-sales revenue, followed by Puravankara at 48%, Keystone/Rustomjee at 33%, Sobha at 30%, Godrej Properties at 16% and Lodha at 16%.”
The data indicates that geographic diversification has become a major strategic priority for leading listed developers, enabling them to reduce dependence on their home markets while tapping into high-demand residential destinations such as MMR, NCR, Bengaluru, Hyderabad, Pune, and Chennai.
Geographic Diversification Emerges as Key Growth Driver
According to ANAROCK Research, several listed developers have significantly reduced their reliance on their original markets.
“For instance, nearly 68% of Godrej Properties’ FY26 pre-sales came from markets outside MMR,” said Puri. “Similarly, Prestige Estates has aggressively diversified beyond Bengaluru, with nearly 60% of its FY26 pre-sales contributed by Mumbai, Hyderabad and NCR. Lodha (Macrotech) also continued reducing its dependence on MMR, with nearly 32% of FY26 pre-sales generated from Pune and Bengaluru markets.
Puravankara has been expanding aggressively into redevelopment opportunities in Mumbai and other key cities, reducing Bengaluru’s share in its overall business.”
Among the leading listed developers, Godrej Properties, Prestige Estates, Lodha, Sobha, and Puravankara have emerged as notable examples of companies pursuing a pan-India growth strategy.
In contrast, DLF remained largely concentrated in its home market, with nearly 90% of FY26 pre-sales originating from NCR. Signature Global also continued to operate with an NCR-centric approach throughout FY26.
Commenting on the trend, Anuj Puri said, “There is sound logic involved in India’s leading developers transitioning from regional brands to national residential platforms.
Players diversifying their geographic exposure are better positioned to capture demand across multiple high-growth corridors – while reducing dependence on single-city market cycles. The data clearly highlights that multi-city expansion, particularly in premium and luxury housing, is emerging as the key growth driver for listed developers.”Pre-sales Revenue of Top Listed Realty Developers (INR Cr) Company FY25 FY26 % Change Godrej Properties 29,444 34,171 16% Prestige Estates 17,023 30,024 76% DLF 21,223 20,143 -5% Lodha (Macrotech) 17,630 20,530 16% Signature Global 10,290 8,250 -20% Brigade Enterprises 7,847 7,424 -5% Purvankara 5,006 7,407 48% Oberoi Realty 5,281 5,447 3% Kolte-Patil 2,791 2,605 -7% Keystone (Rustomjee) 3,028 4,022 33% Sobha 6,278 8,135 30% Total 1,25,841 1,48,158 18%
Source: ANAROCK Research & Advisory
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New Launch Pipeline Reflects Expansion Strategy
The expansion strategy adopted by several listed developers is also evident in their new launch pipeline and supply distribution across key housing markets.
According to ANAROCK Research, only around 32% of Godrej Properties’ FY26 pre-sales originated from its home market MMR, compared to 55% in FY21.
Of the total new unit supply launched by the company across the top seven cities in FY26, only 10% was located in MMR, while 90% was spread across other major markets.
Prestige Estates has also significantly reduced its dependence on Bengaluru. The city’s contribution to pre-sales declined from nearly 90% in FY21 to approximately 40% in FY26 as Mumbai, Hyderabad, and NCR gained prominence in its project pipeline. Of its total FY26 launches, only 33% were in Bengaluru, with the remainder distributed across other leading cities.
Sobha accelerated its expansion beyond Bengaluru during FY26, with nearly one-third of its launches and sales contribution coming from markets outside its home base.
Brigade Enterprises and Puravankara also strengthened their presence across Chennai, Hyderabad, Pune, and Mumbai.
Meanwhile, DLF, Oberoi Realty, Keystone (Rustomjee), and Signature Global remained highly concentrated in their respective home markets, reflecting a more region-focused strategy compared to peers pursuing national-scale growth.
The findings indicate that as India’s housing demand broadens across major urban centres, listed developers with diversified regional footprints are increasingly leveraging multi-city expansion to drive sales growth, enhance market resilience, and strengthen their position in the country’s evolving residential real estate landscape.
