Q4 FY25 is expected to reflect a moderation in momentum, driven by delayed approvals, slower conversion of Expressions of Interest to sales and a high base effect. While aggregate YoY pre-sales for the quarter are estimated to grow by ~16%, growth is visible across developers who secured approvals and launched projects during Q4 FY25 as the underlying demand remains resilient, particularly in core metro markets.
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HDFC Securities Institutional Equities
The residential segment continued to witness stable demand, particularly in the mid-income and luxury housing categories. This trend is supported by favorable economic conditions and positive buyer sentiment. Real estate sector is entering a phase of strategic consolidation post a blockbuster FY24.
Q4 FY25 is expected to reflect a moderation in momentum, driven by delayed approvals, slower conversion of Expressions of Interest to sales and a high base effect. While aggregate YoY pre-sales for the quarter are estimated to grow by ~16%, growth is visible across developers who secured approvals and launched projects during Q4 FY25 as the underlying demand remains resilient, particularly in core metro markets.
Developers are increasingly adopting a calibrated launch strategy, prioritizing margin protection and operational efficiency over aggressive volume-led growth.
Developers like Prestige Estates, Oberoi and Sobha are poised to benefit from deferred launches in FY26, even as FY25 may see partial underperformance versus guidance/expectations.
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