India’s real estate market experienced a robust resurgence in the fiscal year 2023-24 (FY24), with 18 major listed developers collectively reporting sales bookings worth Rs 1.17 lakh crore. This marks an impressive 33% growth from the Rs 88,000 crore recorded in the previous fiscal, demonstrating the sector’s recovery, especially in the housing segment. Godrej Properties led the charge with record sales of Rs 22,527 crore, followed closely by Prestige Estates and DLF.
The surge is largely attributed to the heightened demand for residential properties, particularly in the luxury sector, as homebuyers seek reputable developers with proven track records. According to industry experts, the post-pandemic shift towards security and brand reliability has resulted in homebuyers increasingly favouring established players. The numbers speak for themselves, with Prestige Estates Projects reporting Rs 21,040 crore in sales and DLF, India’s largest real estate company by market capitalisation, achieving Rs 14,778 crore in FY24. Other major contributors included Macrotech Developers, known for the ‘Lodha’ brand, with sales of Rs 14,520 crore. This robust performance underscores the resilience of India’s realty sector, even as unlisted giants like Tata Realty, Adani Realty, and the Hiranandani Group remain major but unreported players in the market. Signature Global, a newer entrant, made headlines by doubling its sales bookings to Rs 7,270 crore, reflecting the broader demand surge across the country’s housing sector.
However, with this growth comes the need to address sustainability challenges. As cities expand vertically, particularly in high-demand zones like Mumbai, Bengaluru, and Delhi-NCR, real estate developers must focus on eco-friendly construction practices. This involves incorporating green building technologies, energy-efficient designs, and renewable energy sources to minimise environmental impact. Developers are now under pressure to ensure that this growth is aligned with global sustainability targets, making it crucial to balance economic progress with ecological responsibility. On a broader urban development level, the rising demand for branded developers highlights a consolidation of market power among fewer, more reliable players. This trend benefits homebuyers seeking security and timely delivery, yet it also raises concerns about urban planning. Local governments must step up in terms of improving urban infrastructure, from public transport to waste management, to support this real estate boom.
