India Developers: April 2026 Resi Tracker: Pricing Momentum Holds

Research evidence excerpt

India Developers: April 2026 Resi Tracker: Pricing Momentum Holds

Idea

May 27, 2026 06:36 AM GMT

Morgan Stanley Asia Limited+MIndia Developers | Asia Pacific Praveen K Choudhary

Equity Analyst

April 2026 Resi Tracker: Pricing Praveen.Choudhary@morganstanley.comMorgan Stanley India Company Private Limited+ +852 2848-5068

Monica Dasoju

Equity AnalystMomentum Holds Monica.Sharma@morganstanley.com +91 22 6118-1154

April residential sales for India's top 6 cities remained strong at India Property

Asia Pacific

+9% YoY (luxury: +12% YoY). ASP growth of +6% YoY (ahead of Industry View Attractive

CPI at 3.7%) suggests the upcycle continues. Bangalore and

Chennai are selling well, while Mumbai is muted, and Gurgaon/

Pune are seeing declines. Prefer Prestige over DLF.

Key Takeaways

(+) Sales of luxury units (>90 lakhs and target market for our stocks) saw LTM

growth of 12% YoY, vs. mid level units (45-90 lakhs) at -11% YoY in April.

(+) Top 6 cities ASP in April was +6% YoY (Mar at +7%), ahead of CPI inflation at

3.7%.

(+) April 2026 LTM sales growth was 31% YoY for Bangalore, 22% YoY for

Chennai, 59% for Noida and 22% for Navi Mumbai. Gurgaon/Pune saw -ve growth.

Stock idea: Prestige reported pre-sales growth of 76% in FY26. In April (first month

of FY27), Prestige achieved 12% of its FY27 target. It has higher exposure to

Bangalore/Chennai where YoY sales growth is highest. While demand for DLF units

remains strong, Gurgaon faces a higher base and digestion period in terms of sales.

Valuation: Industry is trading at a discount to NAV range of 0% to 30% and 16-24x

P/E on 2028e. We estimate FY27e pre-sales growth at 13% YoY (FY26 was +22%

YoY), which looks healthy off a high base.

Exhibit 1: India Developers: Top Five Pre-sales Growth

F2026 F2027e F2023-27 Sales Booked in