In its recent report on India's real estate sector, Nomura has underscored a stable demand for residential properties as the country progresses into the fourth quarter of the fiscal year 2026 (Q4FY26). Despite broader macroeconomic uncertainties, the demand for housing remains robust, particularly among top-tier developers. Major urban centers including Bengaluru, Mumbai, and the National Capital Region (NCR) continue to attract buyer interest, indicating a sustained market appetite for quality residential offerings.
The report emphasizes that while projects priced excessively for their respective locations are struggling to gain traction, there is still strong demand for reasonably priced developments. Buyers are increasingly discerning, favoring projects that align with market expectations rather than those that are overpriced. This trend is expected to continue as new project launches are anticipated across various price segments, including ultra-luxury, mid-range, and affordable housing, in the current quarter.
Nomura's analysis suggests that India's real estate market is not facing a downturn but rather entering a more mature phase. Developers are reportedly on track to meet or even exceed their sales targets for the financial year, reinforcing the sector's resilience. Key players such as Prestige Estates, Lodha Developers, Aditya Birla Real Estate, and Oberoi Realty have been identified as standout performers in this dynamic landscape. For instance, Prestige Estates is expected to launch projects worth over ₹75 billion in Q4FY26, a significant increase from the previous quarter. Similarly, Lodha Developers has shown promising sales figures, with management projecting weekly sales to exceed ₹3 billion, backed by new project launches in Mumbai and Pune.
Aditya Birla Real Estate has also garnered a 'Buy' rating from Nomura, with indications of strong demand for its upcoming projects, including the much-anticipated phases in Gurugram and Pune. The company’s strategic focus on launching new developments, such as the new phase of the Trimaya and Evara projects in Bengaluru, reflects its commitment to capitalizing on the current market momentum. Oberoi Realty’s Sky City project in Borivali is another highlight, with the company expecting to launch a substantial number of units in response to positive early interest. Overall, the report paints an optimistic picture for India's real estate sector, underscoring the importance of strategic pricing and quality in driving buyer engagement amidst a shifting economic landscape.