JAIPUR: The real estate sector is entering a crucial phase in Q2FY27, with a strong project pipeline expected to support pre-sales. Prestige Estates, DLF, Godrej Properties, Oberoi Realty, Lodha and Brigade are among the developers preparing major launches. Nomura has retained its Buy rating on Prestige Estates with a target price of ₹1,900.
India’s real estate market is entering September 2026 with an important question for investors: can a strong pipeline of new residential projects translate into sustained bookings and pre-sales growth?
The answer will depend not just on demand, but also on developers’ ability to launch projects on schedule and convert the launch pipeline into actual bookings.
Prestige Estates Projects, Godrej Properties, DLF, Oberoi Realty, Lodha and Brigade have several important residential projects lined up over the coming months. According to Nomura’s channel checks, sustenance sales across existing projects at developers such as Prestige Estates, Godrej Properties and Lodha have broadly remained in line with business plans.
This is significant because several launches were pushed back during the previous quarter amid delays in approvals and heightened tensions in West Asia. Developers are now looking to bring some of these projects to market during Q2 and Q3FY27.
Prestige Estates Has Strong Near-Term Launch Visibility
Prestige Estates is one of the key names in this sector story.
The company has set a FY27 pre-sales target of around ₹35,000 crore, with an annual growth ambition of 15–20%.
According to the company’s investor communication, Prestige had a near-term pipeline of around ₹5,000 crore in GDV, with three to four projects expected to be launched, while a larger pipeline remains planned for the full financial year.
However, there is an important distinction investors should keep in mind: the ₹5,000 crore figure should not be interpreted as September-only launch value or confirmed September sales. It represents the company’s near-term/Q2 launch pipeline.
Similarly, the ₹35,000 crore figure is Prestige Estates’ FY27 pre-sales target, not the value of projects scheduled to launch in September.
Keeping these numbers separate is important when assessing the company’s growth outlook.
Palm Court Is Now a Launched Project
Another important development for Prestige Estates has already taken place.
The company launched Prestige Palm Court in Madhavaram, North Chennai, on August 28, 2026. The project is spread across 7.98 acres and comprises 910 apartments. The company has estimated its gross development value at around ₹1,330 crore. (Screener)
This means Palm Court should no longer be treated as merely an upcoming project in the launch pipeline. It is now an actual launch and provides a tangible catalyst for Prestige’s expansion in Chennai.
The company has identified Chennai, along with Bengaluru, Mumbai and the NCR, as important markets for its expansion strategy.
Why Is Prestige Estates Nomura’s Top Pick?
Nomura’s positive view on Prestige Estates is not based solely on its residential launch pipeline.
The brokerage sees multiple potential earnings drivers across the company’s residential, commercial, annuity and hospitality businesses.
The first major factor is pre-sales visibility.
If planned projects are launched on time and initial bookings remain strong, the pipeline could support Prestige’s FY27 pre-sales target.
The second factor is geographical diversification. While Bengaluru remains an important market for the company, Prestige is expanding its presence across Mumbai, NCR and Chennai. A broader geographical footprint could provide additional avenues for long-term growth.
The third factor is the company’s commercial and hospitality portfolio. These businesses can potentially provide recurring income in addition to residential sales and create opportunities for asset monetisation.
What Does Nomura’s ₹1,900 Target Price Mean?
Nomura has retained its Buy rating and ₹1,900 target price on Prestige Estates.
The target reflects the brokerage’s assessment of the company’s launch pipeline, execution potential, geographic expansion and future contribution from annuity and hospitality assets.
However, investors should not treat a brokerage target price as a guaranteed return. Target prices are based on analyst assumptions regarding earnings, valuations, project execution and market conditions.
For Prestige, execution remains a key variable. Any delay in project launches or weaker-than-expected bookings could affect pre-sales expectations.
What Could Happen to Other Realty Stocks?
DLF
For DLF, Aureva and Arbour Phase 2 Senior Living are among the important upcoming projects.
Nomura’s channel checks indicate strong demand for Arbour Phase 2.
If premium housing demand remains resilient in the NCR, these launches could become meaningful catalysts for DLF’s pre-sales.
Godrej Properties
Godrej Properties has two important opportunities in Verano and Bandra Bay.
Verano, with an estimated GDV of around ₹4,500 crore, has received RERA approval. Bandra Bay in the Mumbai MMR has an estimated GDV of ₹6,000–7,000 crore, although its launch remains dependent on regulatory approval.
Nomura’s stance on Godrej Properties is Neutral, meaning investors need to balance the company’s growth opportunities against valuation and execution considerations.
Oberoi Realty
Oberoi Realty’s 360 North project is another important indicator of demand in the luxury housing segment.
The project, with an estimated GDV of around ₹8,000 crore, was launched in July and sold out, highlighting continued demand for premium housing in Mumbai.
Going forward, the company’s performance will depend significantly on sales in existing projects and the pace of revenue recognition.
Lodha
Lodha’s Bengaluru-based Beaumont Estate, with an estimated GDV of around ₹2,000 crore, has seen strong initial demand according to Nomura’s channel checks.
A sustained premium housing market in Bengaluru could support Lodha’s FY27 pre-sales trajectory.
Aditya Birla Real Estate and Brigade
For Aditya Birla Real Estate, the proposed launch of the third tower of Birla Niyara in Worli, Mumbai, could become an important catalyst. The launch is expected around the end of Q2 or in Q3FY27, and Nomura has a Buy view on the stock.
Meanwhile, Brigade’s Neopolis Phase 2 in Hyderabad is positioned in the premium segment, with an estimated ticket size of ₹3.5–4 crore. Demand has been described as resilient.
The Real Test Will Be Bookings, Not Launch Announcements
For real estate stocks, one of the biggest mistakes investors can make is to focus only on headline GDV numbers.
A ₹5,000 crore project pipeline does not immediately translate into ₹5,000 crore of revenue or profit.
The sequence is straightforward: the project is launched, customers make bookings, construction progresses and revenue is recognised over time according to applicable accounting principles.
That is why investors should focus more on booking value and absorption rates than simply looking at the headline launch pipeline.
RERA approvals, construction costs, financing conditions and geopolitical developments also remain important risks. A prolonged Middle East conflict could affect customer sentiment, construction costs, financing conditions and NRI demand.
Five Things Investors Should Watch
The direction of realty stocks over the next few quarters will depend on five key indicators:
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Whether planned projects are launched on schedule.
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Booking value and absorption during the first 30–60 days.
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Progress towards FY27 pre-sales targets.
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RERA approvals and construction execution.
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The impact of interest rates, construction costs and geopolitical developments on demand.
AURELIUS BUSINESS VIEW:
The Indian real estate sector currently presents a structurally positive but execution-dependent picture.
Demand has not shown a significant deterioration, while organised developers have sizeable launch pipelines. Within this universe, Prestige Estates stands out because it combines near-term launches with a ₹35,000 crore FY27 pre-sales ambition, geographic expansion and potential recurring income from commercial and hospitality assets.
That combination explains why Nomura has retained Prestige Estates as its Top Pick, with a Buy rating and ₹1,900 target price.
But the next question for Dalal Street will not simply be how much developers launch.
The more important question will be: how much of that launch pipeline converts into actual bookings?
That will make September and the broader Q2FY27 launch cycle an important test for the real estate sector.
Nomura’s preference: Prestige Estates — Buy, ₹1,900 target price; DLF, Oberoi Realty and Aditya Birla Real Estate — Buy view; Godrej Properties — Neutral. Brokerage ratings and target prices can change and should not be treated as guaranteed returns.
Disclaimer: This article is based on available company disclosures, brokerage research and market information. Brokerage ratings and target prices are based on analyst assumptions and are subject to change. This article is for informational purposes only and should not be considered investment advice. Investors should review the latest company disclosures and consult a qualified financial adviser before making investment decisions.