Agrawal said concerns that the housing cycle has started to plateau are misplaced. Developers had delayed launches in calendar year 2025 because of broader market conditions, but those projects are now coming to market, supporting strong pre-sales and improving visibility for the sector.
“I think the steam was always left. We were all misreading the steam,” Agrawal said. “The companies will perform much better. We have a good line of launches this year… and we should see strong numbers.”
He believes listed developers are benefiting from a structural shift in the market, with buyers increasingly choosing established brands over smaller, unorganised builders. At the same time, large real estate companies have built more disciplined project pipelines by acquiring land and securing approvals well in advance, allowing them to launch projects consistently instead of relying on one-off developments.
Agrawal is particularly positive on developers with projects in Mumbai’s eastern corridor, where large infrastructure investments and new metro connectivity are expected to unlock value. He said companies such as Raymond Realty and
Godrej Properties, which own sizeable land parcels in the region, stand to benefit as development gathers pace.
The recovery in housing is also expected to boost companies that supply construction materials. As more residential projects move closer to completion and homebuyers take possession, demand for products such as sanitaryware, bathroom fittings, furniture and other interior materials is likely to strengthen after a relatively muted period.
“So, we are seeing the surge in the building material sales, definitely… this year you should be seeing more good robust sales from them also, because the flat delivery is happening now,” Agrawal said.
Among southern developers, Agrawal believes Prestige Estates Projects has emerged as a standout player by successfully expanding beyond its traditional markets. Rather than relying heavily on buying land, the company has partnered with local developers to enter cities such as Mumbai, Hyderabad and the National Capital Region (NCR), helping it build a pan-India presence.
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While he stopped short of giving stock-specific recommendations, Agrawal remains constructive on the sector. He believes the recovery in real estate stocks reflects improving launch activity and stronger demand, with the momentum likely to continue as developers execute their project pipelines.
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