Nomura Bullish on Realty: Prestige, Lodha Lead Picks

Nomura Holdings, a global brokerage firm, has been optimistic about the Indian residential real estate market, with its support being the fact that the housing demand remains strong despite the existence of macroeconomic uncertainty. As part of its most recent sector review, the brokerage pointed out that residential demand had been resilient in the first two months of the fourth quarter of FY26.

According to the report, the homebuyer interest is especially high in terms of projects prepared by reputable and branded developers. The major cities like Bengaluru, Mumbai, and the National Capital Region have recorded gradual buying behavior which means that there is consistent demand in the core housing markets in India.

Key Highlights

• Nomura maintains a bullish view on India’s real estate sector.
• Prestige Estates, Lodha Developers, ABREL, and Oberoi Realty emerge as top picks.
• Major project launches across luxury, mid-range, and affordable housing expected in Q4FY26.

Nevertheless, the change in the behavior of buyers was also noticed by the brokerage. The aggressively priced, in terms of their location, projects are experiencing reduced sales momentum. Concurrently, reasonably priced developments are enjoying sound demand, which indicates that buyers are getting more discriminating and price sensitive.

Nomura is of the opinion that the industry is going through a mature development phase instead of slowdown. The developers in India are likely to achieve or even surpass their annual sales targets of FY26 as the various new launches in the luxury, mid-range, and affordable housing segments come to their rescue.

Also Read: Onora Hospitality Signs juSTa Forest Retreat in Shimla

The brokerage has cited some of the most prominent developers to be the best investment options such as the Prestige Estates Projects, Macrotech Developers (Lodha Developers), aditya birla Real estate and Oberoi Realty. These firms are supposed to enjoy robust project pipelines, strategic launches, and a continuous demand of residential property in the major Indian property markets.

Data, Statistics, Quotes, and Figures

• Prestige Estates Projects: Nomura has assigned a Buy rating. The company plans launches worth over ₹75 billion, potentially up to ₹150 billion in Q4FY26, compared with ₹20 billion in Q3FY26.
• Macrotech Developers (Lodha): Management indicated that non-launched weekly sales could reach ₹3–3.2 billion, compared with ₹3 billion per week in Q3FY26. The company plans new residential projects in Prabhadevi (Mumbai) near premium towers such as Oberoi 360 West, as well as developments in Pune and Sewri.
• Aditya Birla Real Estate: Channel checks show strong demand for Birla Arika Phase 2 in Gurugram. The company also expects strong interest in its Thane project and plans new launches in Bengaluru including additional phases of Trimaya and Evara, both with RERA approvals.
• Oberoi Realty: Expressions of interest (EOI) began in late February for Sky City Tower H in Borivali, Mumbai, which includes approximately 783 units. Around half of the units are expected to be launched initially.
• According to Nomura’s sector analysis, India’s residential housing demand remains resilient, particularly in projects developed by trusted brands.