Housing sales revenue of the top 9 stock exchange-listed developers continued to grow steadily in the last festive quarter. Despite all headwinds, their collective revenues in Q3 FY20 stood at a little less than INR 5,800 crore, increasing by 4% on a quarterly basis and 2% in a year. Meanwhile, the total area sold by these top developers (excluding DLF) during the festive quarter was nearly 7.1 mn sq. ft. against 7.2 mn. sq. ft. in the preceding quarter, and 7.9 mn. sq. ft. a year ago.
The top listed developers analysed include DLF Ltd., Sobha Ltd., Puravankara Ltd., Prestige Estates, Brigade Enterprises Ltd., Mahindra Lifespace Developers Ltd., Godrej Properties Ltd., Oberoi Realty Ltd. and Kolte Patil developers.
The total area sold (in mn sq. ft.) was slightly higher during last year’s festive quarter (Oct-Dec FY 19), while the total revenue was more this year. This indicates that the sale of homes other than affordable housing saw a higher overall sales value.
The collective data trends of the first three quarters of FY 2020 indicate that the overall revenue of the top 9 developers was close to INR 16,500 crore as against INR 15,730 crore during the corresponding period in FY 2019. The total residential space sold by these top players (excluding DLF) b/w Apr-Dec was approx. 21 mn sq. ft. against a little over 20 mn sq. ft. a year ago.
Total Housing Sales Value (INR Bn)
| Apr-DecFY 2019 | Apr-DecFY 2020 | |
| Brigade | 9.6 | 15.8 |
| DLF | 17.9 | 21.7 |
| Godrej | 30.9 | 34.7 |
| Kolte Patil | 10.8 | 9.6 |
| Mahindra | 6.3 | 4.3 |
| Oberoi | 14.3 | 10.2 |
| Prestige | 31.9 | 33.6 |
| Puravankara | 13.7 | 13.3 |
| Sobha | 22 | 21.9 |
| Total | 157.3 | 164.8 |
Source: ANAROCK Research
(Above data is collated from the investor presentation of each of the listed companies)
Godrej Properties, Prestige Estates and Sobha Ltd. were the top 3 players with maximum sales revenue during the first nine months of FY 2020. Together, they accounted for a 55% share of the total sales revenue of INR 16,500 crore. Last year too, these 3 players topped the list with collective sales revenue of INR 8,500 crores.
The trend of developers deliberately restricting new supply continues, as increasing launches at this juncture can lead to more unsold stock and reflect negatively on cash flows. New launches by the top 9 listed developers (excluding DLF) more than halved during the period – from 31 mn sq. ft. area in Apr – Dec FY 2019 to nearly 15.71 mn sq. ft. in the corresponding period of FY 2020.
New Launches (in Mn. sq. ft.)
| Developers | Apr-DecFY 2019 | Apr-DecFY 2020 |
| Brigade | 4.49 | 1.82 |
| DLF | NA | NA |
| Godrej | 11.37 | 7.51 |
| Kolte Patil | 2.72 | 0 |
| Mahindra | 1.01 | 0.9 |
| Oberoi | 1.34 | 0.41 |
| Prestige | 2.51 | 1.46 |
| Puravankara | 2.82 | 2.21 |
| Sobha | 4.83 | 1.4 |
| Total | 31.09 | 15.71 |
Source: ANAROCK Research
