Housing sales hit a speed bump as listed developers' bookings fall 21%
Sales bookings for 28 major listed real estate companies in India fell by 21% in the April-June quarter compared to the previous year. The decline is attributed to lower project launches and global economic uncertainty, though several individual developers still reported growth.
Why it matters
The real estate sector is a key indicator of domestic economic health in India, and this slowdown suggests a cooling period for the housing market.
Homebuyers turned cautious in the April-June quarter, with sales bookings of 28 major listed real estate companies falling 21% year-on-year to nearly Rs 40,000 crore compared with Rs 50,900 crore in the year-ago period. The dip comes as lower volumes and fewer housing launches weighed on pre-sales amid global economic uncertainties.The housing segment accounted for the bulk of the sales bookings, according to data compiled from investor presentations.Godrej Properties emerged as the largest listed real estate developer by sales bookings, with properties worth Rs 8,651 crore sold in the June quarter, up from Rs 7,082 crore a year earlier.Bengaluru-based Prestige Estates Projects Ltd ranked second, though its sales bookings fell to Rs 6,579.3 crore from Rs 12,126.4 crore.
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