Top 20 Real Estate Builders In Mumbai (Updated June 2026)

Key Takeaways

• Mumbai's eight major listed developers booked nearly ?1.95 lakh crore in combined FY26 sales, up 17% year-on-year, with Godrej Properties (?34,171 crore) overtaking Lodha as the largest by booking value (Business Standard, 2026).
• Redevelopment now drives more than 85% of new Mumbai construction, and Knight Frank projects roughly 44,000 new homes worth ?1.30 lakh crore will enter the market through redevelopment by 2030.
• The RBI repo rate has held at 5.25% since the June 2026 MPC meeting, keeping home loan rates broadly in the 8.5%–9.5% band for now.
• Kalpataru listed on the NSE and BSE on 1 July 2025, and Macrotech Developers renamed itself Lodha Developers Limited in June 2025 — two structural changes worth knowing before you shortlist a builder.

Mumbai's real estate market looks different in 2026 than it did when this list was first published. Listed developers now report quarterly numbers in public, MahaRERA tracks construction progress (not just registration), and redevelopment — not greenfield land — has become the primary way new homes get built in the city. If you're evaluating a builder today, the questions worth asking have shifted: Is the developer MahaRERA compliant with a clean Quarterly Progress Report (QPR) history? Is it financially capable of finishing what it starts? And does its delivery track record hold up across cycles, not just in a good year?

This guide updates the original 2023 list of Mumbai's top 20 builders with FY26 financial performance, RERA standing, and the developments that matter for both end-users and investors weighing a purchase in 2026. The developers covered remain the same 20 as the original list — only the information about each has been refreshed.

This article is written for two kinds of readers: first-time homebuyers in Mumbai trying to shortlist a financially stable developer before booking a flat, and investors comparing builders on delivery track record, RERA compliance, and resale or rental potential. If you're choosing between a redevelopment project and a fresh launch, or trying to understand why some developer names you've heard for years (HDIL, DB Realty) have faded while others (Kalpataru, Lodha) are now publicly listed, this guide is built to answer that.

Mumbai Real Estate in 2026: The Numbers That Matter

A few data points set the context for everything below:

The takeaway: Mumbai's housing supply is increasingly coming from society redevelopment rather than new land parcels, financing costs have stabilised rather than fallen further, and the gap between large, well-capitalised developers and smaller players is widening as homebuyers gravitate toward brands with stronger balance sheets.

What Changed Since 2023: 3 Structural Shifts

1. Developers went public, and the rankings reshuffled.

Kalpataru Limited listed on the NSE and BSE on 1 July 2025, raising ?1,590 crore through its IPO. Macrotech Developers Limited renamed itself Lodha Developers Limited in June 2025. Listing status now gives buyers a way to check a developer's balance sheet, debt levels, and delivery guidance directly through investor presentations, something that wasn't possible for most names on this list in 2023.

2. Redevelopment overtook greenfield development as Mumbai's primary growth engine.

With island-city land scarce, most major developers on this list, including Kalpataru, Rustomjee, Kolte-Patil, and K Raheja Corp, now run dedicated redevelopment verticals. MahaRERA registration is mandatory for the sale component of any redevelopment project covering more than 8 apartments or 500 square metres, though its jurisdiction over the rehabilitation component itself remains limited.

3. MahaRERA shifted from registration gatekeeping to active monitoring.

By 2026, MahaRERA cross-verifies a project's Commencement Certificate digitally with planning authorities like the MCGM, and developers must honour a five-year defect liability period on structural issues after possession. Before booking with any builder on this list, checking a project's live status and QPR filing history on the MahaRERA portal is now a practical, free step every buyer should take.

Here is the List of Best Real Estate Developers in Mumbai (Updated 30/06/2026)

1. Lodha Group (Lodha Developers Limited)

Lodha Group remains one of Mumbai's most recognisable developers, and the most significant change since 2023 is structural: the listed entity, formerly Macrotech Developers Limited, renamed itself Lodha Developers Limited in June 2025. For FY26, the company reported presales of ?20,530 crore, up 16% year-on-year, alongside a profit-after-tax margin of 20% and net debt reduced to roughly ?5,377 crore, taking its net debt-to-equity ratio to 0.23x — well below its self-imposed 0.5x ceiling. The group added 12 new projects with a combined Gross Development Value of around ?60,000 crore during FY26 and made its first entry into the NCR market.

The company's flagship South Mumbai project, The World Towers, continues to anchor its luxury portfolio in Lower Parel, while Lodha New Cuffe Parade in Wadala has expanded with newer launches in the same micro-market. Recent MMR launches include Lodha Sea Face, Lodha Marq, Lodha Riservo, Lodha Culinan, and Lodha Stella, reflecting a continued push toward the luxury and ultra-luxury segments alongside its mid-income and affordable housing business, which still contributes roughly 60% of revenue.

2. Godrej Properties

Godrej Properties closed FY26 as India's largest listed real estate developer by sales bookings, a position it took over from Lodha. Booking value rose 16% year-on-year to a record ?34,171 crore on the sale of 17,515 units across 27 million square feet, marking the ninth consecutive year of booking growth and the company's highest-ever quarterly collections (?7,947 crore in Q4FY26 alone). Godrej Properties added 18 new projects in FY26 covering 33.32 million square feet of saleable area, with the Mumbai Metropolitan Region contributing ?10,313 crore of the year's bookings.

The brand's sustainability focus continues through award-winning developments like The Trees in Vikhroli, while Godrej RKS in Chembur remains a notable example of the company's design language drawing on architect Charles Correa's vintage-Bombay aesthetic. With booking value compounding at roughly 41% annually over three years, Godrej Properties has moved from "one of the leading" to the clear sales-volume leader among Mumbai-headquartered, listed developers.

3. K Raheja Corp

Founded in 1956, K Raheja Corp remains one of Mumbai's most established names, with its commercial portfolio, Mindspace Business Parks, Inorbit Mall, and Commerzone, continuing to anchor its reputation in office and retail real estate. On the residential side, the company markets ongoing 2, 3, and 4 BHK projects across Mumbai, Pune, and Hyderabad through its K Raheja Corp Homes platform. The group's early LEED certification and its long-running hospitality arm (including JW Marriott properties) remain points of differentiation, and its sustained presence across commercial business parks gives it a steadier, less cyclical revenue base than developers focused purely on residential sales.

4. Kalpataru Group (Kalpataru Limited)

Kalpataru is the developer with the single biggest news update on this list: Kalpataru Limited listed on the NSE and BSE on 1 July 2025, raising ?1,590 crore through a mainboard IPO priced at ?414 per share. According to its IPO disclosures (sourced from Anarock data), Kalpataru is the fifth-largest developer in the MCGM area and the fourth-largest in Thane by units supplied between 2019 and 2023. The listing has made the company's financials public for the first time: FY26 sales bookings reached ?5,280 crore, and as of its IPO filing, the company held 39 green building certifications (IGBC and LEED) across 27.15 million square feet.

Kalpataru Group's flagship Kalpataru Avana in Parel continues to anchor its premium portfolio, while the group completed residential projects including Kalpataru Bliss and Kalpataru Imperia in 2025. The earlier-noted Kalpataru Residential Penkarpada project, spanning 9.36 acres with 2,588 units across 12 towers and an estimated construction cost of ?820 crore, remains part of the group's larger Mumbai pipeline.

Investor note: Kalpataru reported net losses in FY22, FY23, and FY24 (?121.55 crore, ?226.79 crore, and ?113.81 crore respectively) ahead of its IPO, largely tied to one-time land transactions and high leverage. Buyers evaluating the company should weigh its strong brand and execution history in MMR against this balance-sheet context, which is now publicly disclosed for the first time.

5. Oberoi Realty

Oberoi Realty posted FY26 sales bookings of ?5,447 crore, placing it among the top tier of Mumbai-headquartered listed developers by pre-sales value. Oberoi Realty continues to be defined by its high-finish luxury residential portfolio and a steady commercial leasing business. Its flagship Oberoi Sky City in Borivali East remains a key project in the company's western suburbs pipeline, while Commerz II at Goregaon (East) continues to anchor its Grade-A office portfolio. The company's relatively conservative leverage profile compared with peers has historically supported its premium positioning among lenders and buyers alike.

6. Shapoorji Pallonji Real Estate

Shapoorji Pallonji, part of the 150-plus-year-old Shapoorji Pallonji Group, continues to be associated with some of Mumbai's most architecturally significant residential towers, including the Imperial Towers at Tardeo. The group's commercial arm, including its SP Infocity business district, continues to serve national and international occupiers, and the company's broader engineering and construction legacy (the group built landmark structures across India for over a century) continues to differentiate it from purely residential-focused developers on this list.

7. Runwal Realty

Runwal Realty, established in 1978, continues to operate across luxury apartments, budget homes, retail spaces, and integrated townships. Runwal Greens in Mulund remains a flagship project, built around landscaped gardens and sustainability features like rainwater harvesting. The earlier-noted Runwal Mahalaxmi project in Mahalaxmi continues to be part of the developer's premium South Mumbai pipeline, reflecting the broader trend of established Mumbai developers expanding into redevelopment-led launches in land-constrained, high-value micro-markets.

8. Rustomjee

Founded in 1996, Rustomjee has now delivered more than 25 million square feet across Mumbai and Thane, with a redevelopment pipeline the company itself has described as worth roughly ?5,000 crore. Rustomjee Urbania in Thane West remains the group's largest township, spread across 127 acres with an in-campus international school. The developer continues to position itself around community-led design, MahaRERA-registered transparency, and a track record of completed projects such as Rustomjee Urban Woods, alongside newer luxury launches like Rustomjee Ocean Vista in Andheri West, which brings beachfront 4 and 5 BHK apartments to the western suburbs.

9. Dosti Realty

Dosti Realty has completed more than 107 projects across Mumbai over three-plus decades, with Dosti West County, Dosti Acres, and Dosti Desire remaining among its notable residential developments. The developer's commercial project Dosti Centerio in Thane continues to anchor its mixed-use strategy, and its LEED-certified, sustainability-led approach (rainwater harvesting, solar installations) remains consistent with the broader industry shift toward green building credentials that buyers increasingly factor into purchase decisions.

10. L&T Realty

L&T Realty, the real estate arm of the seven-decades-old Larsen & Toubro group, continues to be defined by engineering credibility as much as architectural design. Seawoods Residences in Navi Mumbai remains a flagship project, and the group's broader portfolio in Powai (including projects like Emerald Isle) continues to leverage L&T's parent-company engineering expertise as a key trust signal for buyers comparing construction quality across developers.

11. Hiranandani Developers

Hiranandani Developers, founded by Niranjan and Surendra Hiranandani, continues to anchor its reputation around Hiranandani Gardens in Powai, one of Mumbai's most established integrated townships. The group's commercial portfolio, including the Hiranandani Business Park in Powai and One Hiranandani Park in Thane, continues to operate alongside its post-sale property management arm, Hirco Property Management Corporation, giving the brand a longer-term service relationship with buyers than many peers on this list.

12. Wadhwa Group

Wadhwa Group continues to operate across residential, commercial, and retail segments after five-plus decades in Mumbai real estate. Its established projects, including The Address and Platina at Ghatkopar, Anmol Fortune at Goregaon, and Atmosphere in Mulund, remain part of its core portfolio, and the group continues to position itself around end-to-end customer service, from design through after-sales support.

13. Piramal Realty

Piramal Realty continues to develop premium residential and commercial projects built to international construction standards. Piramal Mahalaxmi, offering 2, 3, and 4 BHK apartments overlooking the Mahalaxmi Racecourse, and Piramal Aranya, spread across 7 acres of landscaped greenery, remain the group's flagship residential developments, while its corporate park and retail assets continue to round out a diversified, sustainability-focused commercial portfolio.

14. Sunteck Realty

Sunteck Realty posted FY26 sales bookings of ?3,157 crore, putting it among the mid-tier listed developers by pre-sales value. Founded in 2000 by Kamal Khetan, Sunteck Realty has completed over 30 projects spanning more than 25 million square feet. Sunteck City in Goregaon West continues to anchor its residential portfolio, while Signature Island at BKC remains its flagship commercial development, reflecting the company's continued dual focus on premium residential and Grade-A commercial space in Mumbai's primary business district.

15. Ajmera Group

Ajmera Group (operating publicly as Ajmera Realty & Infra India Ltd) reported FY26 sales bookings of ?1,701 crore. Founded by Chhotalal S. Ajmera, the group continues to build across residential and commercial segments, with Ajmera Zeon at Wadala East and Anantya at Mira Road East among its current pipeline, alongside completed projects like Shree Krishna Gardens in Borivali West and Bhakti Park in Wadala East. The group's listed status gives buyers visibility into its financial performance that wasn't as readily available when this list was first published.

16. Mahindra Lifespaces

Mahindra Lifespaces continues to position itself around sustainable urbanisation, spanning affordable housing, premium residences, and integrated business cities such as Mahindra World City in Chennai. The group's approach to energy-efficient design and water conservation continues to earn recognition, including the Green Good Design Award for its Happinest Boisar affordable housing project, and remains one of the more clearly differentiated sustainability propositions among Mumbai-linked developers on this list.

17. Kolte-Patil Developers

Kolte-Patil reported FY26 sales bookings of ?2,605 crore. Kolte Patil has expanded its Mumbai footprint specifically through housing society redevelopment, securing projects in Mulund West and Vashi with a combined saleable area of 7.3 lakh square feet and a projected revenue potential of roughly ?1,200 crore across both sites. The Kolte Patil in Mulund West and Kolte Patil in Vashi projects represent the kind of redevelopment-led growth strategy that has become central to how established Pune-headquartered developers are now entering Mumbai's land-constrained market.

18. Labdhi Lifestyle Limited

Labdhi Lifestyle Limited continues to operate as a Mumbai-based developer with more than 15 years in residential construction, maintaining its focus on design detail, sustainability features such as rainwater harvesting and solar panels, and a responsive after-sales service model. The company remains a smaller, regionally focused player compared with the listed developers on this list, which is worth factoring in when comparing financial transparency and scale of project pipeline.

19. Prestige Constructions (Prestige Group)

Prestige Estates Projects Ltd, headquartered in Bengaluru, jumped to the second-largest position among India's 28 major listed developers by FY26 sales bookings, with bookings rising sharply to ?30,024 crore from ?17,023 crore the previous year. Prestige Constructions has expanded its presence in the Mumbai Metropolitan Region in recent years as part of a broader pan-India growth strategy, alongside its long-established southern India portfolio, and continues to offer property management, leasing, and resale services across its project base.

20. Sheth Corp

Sheth Corp continues to build on a three-decade track record in Mumbai, with landmark projects such as BeauMonde Towers, Vasant Lawns, and Viviana Mall remaining part of its established portfolio across residential and commercial segments. The developer continues to focus on design-led, modern-lifestyle residential offerings within its core South and Central Mumbai markets.

How to Compare These Builders Before You Buy

A brand name alone isn't enough to base a purchase decision on in 2026. Before shortlisting any builder from this list, it's worth checking three things directly: the project's live MahaRERA registration number and QPR filing history on the official MahaRERA portal, the developer's FY26 financial disclosures if it is publicly listed (available through stock exchange filings or investor presentations), and the developer's actual delivery track record on comparable past projects in the same micro-market, not just its flagship marketing project.

Frequently Asked Questions

Which developer had the highest sales bookings in Mumbai for FY26?

Godrej Properties recorded the highest FY26 booking value among Mumbai-headquartered listed developers, at ?34,171 crore, overtaking Lodha Developers, whose FY26 presales stood at ?20,530 crore (Business Standard, 2026).

Why is redevelopment such a big part of Mumbai's new housing supply now?

Mumbai's island-city and inner-suburb land is largely built out, so redevelopment of ageing cooperative housing societies has become the primary way developers add saleable inventory. Industry estimates put redevelopment's share of Mumbai's overall construction activity above 85%, and Knight Frank projects roughly 44,000 new homes worth ?1.30 lakh crore will be added through redevelopment by 2030.

How do I verify if a Mumbai builder's project is genuinely RERA-registered?

Search the project's RERA registration number directly on the official MahaRERA portal. This shows the project's approved timeline, the developer's Quarterly Progress Report filings, and any complaints registered against the project, all of which are more reliable than a developer's own marketing claims.

Did the RBI repo rate change affect Mumbai home loan rates in 2026?

The RBI has held the repo rate at 5.25% since the June 2026 MPC meeting, its third consecutive pause, which has kept most floating-rate home loan rates broadly stable in the 8.5%–9.5% range rather than falling further.

Are Kalpataru and Lodha the same company?

No. Kalpataru Limited and Lodha Developers Limited (formerly Macrotech Developers) are separate, independently listed companies, both headquartered in Mumbai. Kalpataru listed on the NSE and BSE on 1 July 2025; Lodha has been listed since April 2021 and renamed itself from Macrotech Developers to Lodha Developers Limited in June 2025.

This list reflects publicly disclosed company data, RERA-related regulatory information, and verified market research as of June 2026. Property prices, project availability, and developer financials change frequently — always confirm current details directly with the developer or through the official MahaRERA portal before making a purchase decision.

Originally published 20 May 2023. Last updated 30 June 2026.