DLF, Lodha, Oberoi Realty, Prestige Estates, ABREL, Sobha: Q2 pre-sales preview

The July–September quarter is usually the weakest for India’s real estate sector because of monsoons, and this year the two-week inauspicious 'Shradh' period in September added to the slowdown. Developers also faced a second-order impact from uncertainty around Trump tariffs and a soft IT demand environment.

Despite these headwinds, Nomura believes demand for large branded developers has remained resilient. It expects strong pre-sales from Godrej Properties, DLF and Prestige Estates, while Lodha’s performance is likely to be modest given that most of its launches are lined up for the second half of FY26. Of the five developers under its coverage, Nomura estimates that four (excluding Oberoi Realty) are on track to meet or beat their FY26 pre-sales guidance.

The brokerage also highlighted robust demand in Bangalore, with projects such as Godrej MSR City, Godrej Tiara and Brigade Lakecrest seeing strong buyer interest.

Macrotech Developers (Lodha) [Buy]: Management expects to achieve 42–45 per cent of its FY26 pre-sales guidance of Rs 21,000 crore in H1FY26. Nomura estimates Lodha achieved around 43 per cent (Rs 9,100 crore), with Q2FY26 pre-sales at Rs 4,600 crore (7 per cent YoY) versus Rs 4,450 crore in Q1FY26. With most launches scheduled in the second half, the company is confident of meeting its balance 57 per cent target in H2FY26.

DLF [Neutral]: Nomura projects pre-sales at Rs 2,800 crore (287 per cent YoY) on a low base. The company sold 416 units (GDV Rs 2,300 crore) in its newly launched West Park project in Andheri, Mumbai. Upcoming launches include a luxury project in Goa, a floors project in Gurgaon, and fresh inventory of Dahlias, to help achieve its FY26 guidance of Rs 21,000 crore.

Oberoi Realty [Buy]: With no new launches in the quarter, Nomura expects pre-sales of Rs 700 crore (down 52 per cent YoY) on a high base. However, demand for its 360 West project remained strong, providing potential upside. Planned launches in H2FY26 include a Sky City tower, luxury projects in Sector 58 (Gurgaon), and possibly a high-end project on Peddar Road, Mumbai.

Aditya Birla Real Estate (ABREL) [Buy]: Nomura estimates pre-sales at Rs 600 crore, lower than Rs 1,400 crore in Q2FY25 but better than Rs 420 crore in Q1FY26, aided by festive-season demand. The company has a strong pipeline of launches in Pune (Sangamwadi, Manjari), Mumbai (Thane, Boisar), and Gurugram/Delhi (Sec 71, Sec 31, Birla Navya new phase) in Q2FY26.

Prestige Estates [Buy]: The quarter was soft on launches but included two plotted developments in Bangalore, both of which received solid responses. The company also launched the third phase of Prestige City, Indrapuram (Delhi NCR), at Rs 16,000 psf, compared to Rs 12,000–13,000 psf in earlier phases. Nomura expects pre-sales at Rs 4,700 crore (18 per cent YoY).

Sobha [Not rated]: No launches took place in 2QFY26 as regulatory changes in Bangalore caused delays. However, management reported steady sustenance sales. Its upcoming Magnus project in Bangalore is slated for launch in early Q3FY26.