Real estate bookings are poised to reach unprecedented levels in the current financial year, with analyst estimates suggesting that the top 11 listed developers are set to surpass Rs 1 trillion in cumulative sales bookings. According to TruBoard Partners, these developers recorded sales bookings of Rs 71,766 crore in the first nine months of FY24, marking a significant surge compared to the Rs 34,010 crore bookings in FY21.
Sangram Baviskar, Managing Director of Real Estate at TruBoard Partners, highlighted that listed developers have already exceeded their full-year FY23 sales bookings within the first three quarters of FY24. Typically, the last quarter accounts for a substantial portion of total sales bookings, indicating a promising trajectory for the industry. Many developers have revised their targets upwards in response to the surge in bookings.
DLF leads the pack with sales bookings of Rs 13,315 crore by the end of the December quarter, surpassing its FY24 target of Rs 13,000 crore. Similarly, Godrej Properties recorded sales bookings of Rs 13,008 crore in the last quarter and is expected to achieve Rs 18,728 crore in FY24.
Prestige Estates Projects, based in Bangalore, initially aimed for Rs 16,000 crore in sales bookings for FY24 but is now confident of crossing the Rs 20,000 crore mark. According to Irfan Razack, Chairman and Managing Director of Prestige Estates Projects, this represents a growth of over 50% compared to the previous year’s sales bookings.
The industry attributes this surge in sales bookings to a shift in customer preference towards organized and listed players, driven by concerns regarding developer credibility and product quality. Developers like Prestige Estates have experienced a robust growth trajectory, fueled by strong demand from a stable and growing economy, particularly among IT professionals.
Grade A developers, including listed players, continue to dominate the market, capturing a significant share of both launches and sales. This trend is expected to persist, driven by end-user demand and investor interest. With macroeconomic factors such as robust economic growth and urbanization driving momentum in sales, the residential real estate market is poised for continued growth in the foreseeable future.
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