Nomura says India's real estate sector stayed resilient through the first two months of Q2 FY27, with major launches from DLF, Godrej Properties, and Prestige Estates concentrated in September.
If you've noticed less real estate launch news than usual over the past couple of months, Nomura's latest sector round-up explains why. The brokerage says India's real estate sector has stayed resilient through the first two months of the July-September quarter, with most major launches deliberately lined up for September. Its channel checks with mass-market developers, including Prestige Estates, Godrej Properties, and Lodha, found no signs of a slowdown in sustenance sales, the ongoing sales from already-launched inventory that keeps revenue flowing between big launch events.
Several high-profile projects are scheduled to launch this month, following Oberoi Realty's 360 North launch back in July. Godrej Properties is bringing Verano to NCR, priced around ₹7 crore per unit, alongside Bandra Bay in the Mumbai Metropolitan Region at a considerably steeper ₹35-40 crore per unit. DLF's Aureva in NCR carries a ₹12 crore per unit price tag, while Brigade's Neopolis Phase 2 in Hyderabad sits at the more accessible ₹3.5-4 crore range. That spread, from ₹3.5 crore to ₹40 crore across four projects, gives you a sense of how differently each developer is positioning its next wave of supply.
Nomura named Prestige Estates its top sector pick, backing a "Buy" rating with a projected ₹5,000 crore in gross development value launches for the quarter. That pipeline spans Garden Breeze at The Prestige City in Bangalore (₹1,050 crore GDV), Avon in Bangalore (₹550 crore), Springwood in Bangalore (₹290 crore), Battersea in Bangalore (₹1,900 crore), and Palm Court in Chennai (₹1,200 crore).
Worth noting for anyone tracking these specifically: RERA approval remains pending for Garden Breeze, Avon, Springwood, and Battersea, while Palm Court has already cleared approval and launched. A pending RERA status isn't unusual at this stage of a launch cycle, but it does mean four of Prestige's five quarterly bets aren't yet legally cleared to sell.
Lodha's Beaumont Estate in Bangalore, carrying ₹2,000 crore in GDV, has already cleared RERA and launched, with Nomura's channel checks pointing to strong demand and management confirming sustenance sales are tracking business plans. Godrej Properties' Verano, on Sector 63A Golf Course Extension Road, has RERA approval in hand with a September launch expected, while its larger Bandra Bay project, worth ₹6,000-7,000 crore in GDV, is still awaiting approval and could slip to October.
Oberoi Realty's 360 North already sold out at the start of the quarter, with no further launches planned, while DLF's Senior Living project, Arbour Phase 2, has cleared RERA and is expected mid-September, again with strong demand signals from Nomura's checks.
Also Read: Oberoi Realty’s Gurgaon Debut: A New Benchmark in Ultra-Luxury Living
The brokerage's one explicit caution: a prolonged Middle East conflict and its knock-on effect on macroeconomic conditions and buyer sentiment remains a key risk to this outlook. That's consistent with the same West Asia-linked disruption we've tracked through several other pieces this year, RERA extension orders, construction cost pressure, and softer Q1 FY27 bookings across the sector.
According to our experts at Hommea, Nomura's ratings and "top pick" framing reflect the brokerage's own investment research view, not a neutral, disinterested assessment of the sector. Brokerages issue Buy, Neutral, and Sell ratings as part of their own research business, and a "top pick" designation is fundamentally a stock recommendation aimed at investors, not a verdict on which developer's homes are actually the better buy for an end-user.
If you're a homebuyer rather than a stock investor, the more useful information here is the launch calendar and RERA status of specific projects, not which stock a brokerage currently favors.
