India's Listed Real Estate Developers Reduce Home-Market Dependence As Geographic Diversification Accelerates In Fy26 With Godrej Prestige Sobha And Lodha Expanding Across Seven Cities

India's Top Developers Break Home-Market Dependence With Aggressive Multi-City Expansion in FY26

India's listed real estate developers are reshaping their business playbooks. Instead of relying heavily on their traditional home cities, they're now spreading across seven major metros—Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Pune, and Chennai. New research from ANAROCK shows that this geographic shift is paying real dividends. The combined pre-sales of India's top 11 listed developers hit ₹1.48 lakh crore in FY26, up 18 percent from ₹1.26 lakh crore in FY25. That's a jump of over ₹22,000 crore in just one year. The developers tracked include Godrej Properties, Prestige Estates, DLF, Lodha, Signature Global, Brigade Enterprises, Puravankara, Oberoi Realty, Kolte-Patil, Keystone (Rustomjee), and Sobha Ltd.

Who's Growing Fastest? The Premium Segment Leads

Not all developers are growing at the same pace. Those with strong premium and luxury portfolios are pulling ahead. Prestige Estates posted the sharpest growth at 76 percent year-on-year, with pre-sales jumping from ₹17,023 crore in FY25 to ₹30,024 crore in FY26. Puravankara followed with 48 percent growth, Keystone (Rustomjee) at 33 percent, and Sobha at 30 percent. Godrej Properties and Lodha each recorded 16 percent growth. The pattern is clear: premium and luxury housing, combined with multi-city presence, is the winning formula right now.

How Developers Are Breaking Away From Home Markets

Five years ago, most big developers were heavily concentrated in one or two cities. That's changing fast. Godrej Properties, which was almost entirely Mumbai-focused, now generates only 32 percent of its pre-sales from MMR—down from 55 percent in FY21. Nearly 68 percent of its sales now come from outside Mumbai. The company launched just 10 percent of its new units in MMR in FY26, with 90 percent spread across other major cities. Prestige Estates has made an even more dramatic shift. Bengaluru once accounted for 90 percent of its pre-sales in FY21. By FY26, that dropped to 40 percent. Now, 60 percent of Prestige's sales come from Mumbai, Hyderabad, and NCR, with only 33 percent of its new launches happening in Bengaluru. Lodha has also cut its MMR dependence, with 32 percent of FY26 pre-sales now coming from Pune and Bengaluru. Sobha accelerated expansion beyond Bengaluru, with nearly one-third of its launches and sales now coming from other markets. Brigade Enterprises and Puravankara similarly expanded across Chennai, Hyderabad, Pune, and Mumbai.

The Exception: DLF and Signature Global Stay Put

Not every developer is chasing multi-city growth. DLF remains heavily concentrated in NCR, with nearly 90 percent of its FY26 pre-sales coming from its home market. Signature Global also stayed entirely NCR-focused throughout FY26. Both are bucking the broader trend toward geographic diversification.

What This Means for Homebuyers

This shift has real implications for you as a buyer. First, choice is expanding. Developers with national footprints are launching projects in more cities, meaning more options at various price points and locations. Second, competition is intensifying in secondary cities. As major developers move into Hyderabad, Pune, and Chennai, these markets are seeing stronger quality projects and pricing pressure. Third, premium housing is the focus. The fastest-growing developers are prioritizing luxury and premium segments, which means mid-segment and affordable housing may see less attention from top-tier builders. If you're looking in metros like Mumbai, Delhi-NCR, or Bengaluru, you'll find more choice than ever. But if you're in a Tier-2 market, watch carefully—some of these premium launches may not suit your budget.

Why This Is Happening Now

There's solid logic behind this shift. Single-city markets can be cyclical. When Mumbai's market softens, a developer entirely dependent on Mumbai suffers. But if that same developer has projects in Hyderabad, Pune, and Bengaluru, downturns in one city are cushioned by strength elsewhere. Developers are also chasing demand. High-income households are spreading across multiple metros, not just concentrating in traditional hubs. Premium and luxury housing demand is particularly strong in secondary metros like Hyderabad and Pune. Building national platforms also makes developers more attractive to institutional investors and global capital—something that matters for listed companies seeking growth funding. The data shows that this strategy works. Multi-city expansion, especially in premium housing, is now the primary growth driver for India's top listed developers.

What Comes Next

Expect this trend to accelerate. More developers will likely announce expansions into Tier-1 and Tier-2 cities. You'll see more premium projects launching in secondary metros, which will gradually push up quality standards and pricing in those markets. Developers still concentrated in one city—like DLF in NCR—may face pressure to diversify or risk being outpaced by more nimble competitors. For homebuyers, this is generally positive. More competition drives quality up and can moderate pricing. But it also means the market is becoming more complex. A project in Hyderabad by a Mumbai-based developer may perform differently than a local builder's project. Do your homework on the developer's track record in your chosen city, not just their overall brand.

Cities and Developers Most Affected

• Mumbai Metropolitan Region (MMR): Godrej Properties cutting back, Prestige expanding aggressively, Lodha reducing presence—expect more competition and quality upgrades in premium segments
• Bengaluru: Prestige, Sobha, and Puravankara all expanding beyond home base; local competition intensifying in luxury housing
• National Capital Region (NCR): DLF and Signature Global remain dominant; limited new entrants, so pricing power stays with incumbents
• Hyderabad: Emerging as a secondary-metro darling for multi-city developers; expect rapid quality and supply growth
• Pune: Lodha, Prestige, and others expanding here; positioned as the next growth frontier after the Big Four metros