Developer Delivery Track Records: What Completion Disclosures Show, and How to Use Them

For a buyer of an under-construction home, the single biggest risk is not price. It is delivery: whether the home is completed, to the promised specification, close to the promised date. Listed developers now disclose a surprising amount about their completions, and that information is free to read.

This article sets out what India's major listed developers disclosed about deliveries in FY26 (April 2025 to March 2026) and Q1 FY27 (April–June 2026), what those numbers can and cannot tell you, and the project-level checks that should sit alongside them.

What developers disclosed about deliveries

• Godrej Properties: delivered 12.1 million sq ft across nine cities in FY26, 121% of its annual delivery guidance, including 7.4 million sq ft across eight cities in Q4 FY26 alone; direct construction spend rose 62% in FY26 (company release, April 2026). It delivered about 0.9 million sq ft in Q1 FY27 and guided about 13.5 million sq ft of deliveries for FY27 (per Q1 FY27 results coverage).
• Sobha: completed 3,188 homes amounting to 5.40 million sq ft of saleable area in FY26 (Q4 FY26 operational update). Sobha states it has cumulatively delivered about 154 million sq ft of developable area across 27 cities (Q1 FY27 press release).
• Prestige Estates: completed three projects totalling about 4.37 million sq ft in Q1 FY27 (operational update coverage). Coverage of its Q4 FY26 earnings call cited expectations of more than 20 project completions in FY27.
• Puravankara: handed over 745 units in Q1 FY27, up from 667 a year earlier, and completed about 1.72 million sq ft across Goa, Pune and Mumbai in the quarter. It reports 97 completed projects and about 59 million sq ft delivered (Q1 FY27 investor presentation).
• Oberoi Realty: reports 51 delivered projects totalling about 17.3 million sq ft, with about 34 million sq ft under construction (as reported with its Q1 FY27 results).
• DLF: states it has developed more than 185 projects and over 352 million sq ft (Q1 FY27 press release).
• Lodha (Macrotech): reports having completed over 100 million sq ft (as reported with FY26 results).

Why delivery guidance is a meaningful signal

Godrej is notable for publishing delivery guidance at all, and then reporting performance against it. A developer that commits publicly to a delivery number, and exceeds it, has put its execution record on the table. Godrej's 62% rise in direct construction spend in FY26 is consistent with that: construction spending is what turns bookings into completed homes.

Collections offer a similar cross-check. Because customer payments in construction-linked plans are tied to milestones, rising collections usually indicate construction is progressing. Puravankara noted that handover momentum contributed to profitability in Q1 FY27, and its collections rose 40% year-on-year.

What completion disclosures leave out

These are company-reported aggregates. They are useful, but they have structural blind spots that matter to buyers.

• They rarely compare completion to the original promised date. A project delivered two years late still counts as delivered.
• Cumulative totals flatter older, larger developers. Decades of delivery history say less about current execution than the last three years in your city.
• City mix matters. Puravankara's Q1 FY27 completions were in Goa, Pune and Mumbai; a Bengaluru buyer needs Bengaluru-specific evidence.
• Completion is not the same as occupancy certificate or handover. Ask which milestone the developer is counting.
• Joint developments and joint ventures may be counted at 100% in some disclosures and at economic interest in others.

Reading 'balance cost to complete'

Some investor presentations include a less-noticed but valuable table: the remaining construction cost on launched projects, set against receivables and unsold inventory. Brigade's Q1 FY27 presentation, for instance, shows a balance cost to complete of about ₹9,354 crore across its launched projects. Puravankara's presentation shows similar coverage analysis. When future receivables from sold units comfortably exceed remaining construction cost, a project is less dependent on new sales to finish, which reduces delivery risk for existing buyers.

What this means for buyers

Property Point's due-diligence sequence for delivery risk:

• Start with the developer's recent disclosures: deliveries against guidance, collections trend and construction spend over the last four to eight quarters.
• Narrow to your city. Ask the developer for a list of projects completed in your city in the last five years, with original RERA completion dates and actual occupancy-certificate dates.
• Check the RERA portal. Karnataka RERA, Haryana RERA and Tamil Nadu RERA list each registered project's declared completion date, any extensions and quarterly progress updates. Repeated extensions are a red flag.
• Visit a completed project by the same developer, ideally three to five years old, and speak to residents about handover quality and maintenance.
• Read the builder-buyer agreement's delay-compensation clause, and compare it with what RERA requires.
• Prefer construction-linked payment plans over heavily front-loaded schemes for projects at an early stage.

City lens: Bengaluru, Gurgaon and Chennai

Bengaluru buyers have the richest set of listed-developer delivery data, since Sobha, Prestige, Brigade, Puravankara and Godrej all report substantial Bengaluru portfolios. Gurgaon buyers should weigh both developer history and project-specific approvals: the brief High Court restraint on fresh allotments at Oberoi Realty's Gurugram project in July 2026, lifted after Haryana's town-planning department upheld the project licence in August, is a reminder that title and licence diligence matter even for top-tier names. Chennai buyers should note Brigade's disclosure that about 3.3 million sq ft of planned Chennai launches slipped into FY27 because of approvals; approval timelines there affect launch dates, and by extension completion dates.

Build your own delivery scorecard

Before you commit to an under-construction home, Property Point suggests building a simple scorecard for the developer, using public information. It takes an afternoon and can save years of frustration.

• Delivery volume: completions or deliveries in each of the last four to eight quarters, from the developer's disclosures.
• Delivery against guidance: where published, as Godrej does.
• Collections trend: steady or rising collections generally indicate active construction.
• Leverage: net cash or modest net debt reduces the risk of construction slowing when sales dip.
• City-specific record: completed projects in your city in the last five years, with original and actual dates.
• RERA history: extensions, complaints and quarterly progress for the project you are considering.

Questions to ask the sales team about delivery

• What is the RERA completion date for this tower, and has it been extended?
• Which construction milestone has been reached, and when is the next one due?
• Who is the construction contractor, or is construction in-house? Sobha, for example, describes a backward-integrated model.
• Which bank or financial institution is funding the project?
• When did the developer's last project in this city receive its occupancy certificate, relative to the original promised date?
• What compensation does the agreement provide for delay, and is it in line with RERA?

What cumulative delivery numbers are good for

Lifetime delivery figures are large and impressive: DLF cites more than 185 projects and over 352 million sq ft developed; Sobha about 154 million sq ft across 27 cities; Lodha over 100 million sq ft; Puravankara 97 completed projects and about 59 million sq ft; Oberoi Realty 51 projects and about 17.3 million sq ft. These numbers establish that a developer has survived multiple cycles, which is meaningful in an industry where many builders have not.

They are less useful as a guide to current execution. Some presentations offer sharper evidence. Puravankara's Q1 FY27 deck, for example, shows that about 91% of units in its completed projects were sold, with about 9% residual inventory, and tracks quarterly handovers. Those are the kinds of recent, specific figures that tell a buyer more than a lifetime total.