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Despite macro headwinds from global trade tensions and elevated housing prices, India’s top listed developers are on track to meet their ambitious pre-sales target of ₹1.49 lakh crore for FY26. Data compiled by ANAROCK Research reveals that the top 10 listed players have already achieved close to 30% of their annual booking guidance—around ₹44,317 crore of ₹1,49,108 crore—in the first quarter of the fiscal.
“Investor presentations and regulatory filings of the top 10 listed developers show that almost 30%, or ₹44,317 crore, of total booking (pre-sales guidance) targets of ₹1,49,108 crore in FY26 is already squared away in the first quarter. They are on track to achieve their booking targets of over ₹1.49 lakh crore in FY26,” ANAROCK said in a report.
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Among individual developers, the early momentum has been particularly strong for DLF and Prestige Estates , which have already achieved 52% and 45%, respectively, of their full-year pre-sales guidance.
“Players like DLF Ltd. and Prestige Estates are cases in point—DLF has hit nearly 52% of its total pre-sales target of ₹20,000–22,000 crore for FY26 in Q1,” said Anuj Puri, Chairman, ANAROCK Group. “Prestige Estates has already clocked pre-sales of nearly 45% of its ₹27,000 crore target.”
In FY25, Godrej Properties emerged as the top performer with pre-sales of nearly ₹29,444 crore, followed by DLF Ltd. at ₹21,233 crore. The 59% guidance growth of Prestige and Sobha reflects aggressive project pipelines, while Godrej’s modest 10% increase comes off a high base. Keystone Realtors and Kolte Patil are also banking on above-average growth trajectories, supported by a strong project launch pipeline, the research report noted.
The report highlighted that even as pre-sales grow, land acquisition has gathered pace. In H1 2025 alone, 2,898 acres across 76 deals were transacted by listed players—1.15 times the deals concluded in the whole of 2024, when 133 transactions for about 2,515 acres took place across the country.
Balance sheets at multi-year strength
One of the biggest structural changes has been the deleveraging of developer balance sheets. Following the NBFC liquidity crisis in 2018 and pandemic-related sales disruptions, most large players shifted focus toward debt reduction, equity raising, and asset monetization, the report noted.
“Many, especially the large and listed ones, focused on deleveraging, improving pre-sales, monetising assets, and raising equity capital. As a result, several top developers have brought down their net debt-to-equity ratios, with some even achieving net cash positions.”
The average net debt-to-equity ratio of leading listed developers fell to a historic low of 0.05 in FY25, a 90%+ decline from its FY17 peak of 0.55. Several developers now operate with net cash balances, a sharp contrast to the highly leveraged models of the past.
“This deleveraging phase will positively impact real estate development in India over the long term,” said Puri. “With D/E ratios at multi-year lows and equity capital continuing to flow in, developers can expand strategically, consolidate market share, and build consumer trust.”
The sector’s shift from leverage-led to balance-sheet-led growth marks a pivotal change in its investment appeal and operating model. With near-zero debt levels, improving buyer sentiment, and favourable monetary conditions, FY26 places the industry in a stable, trust-driven, performance-led cycle with long-term potential.
The improved financial metrics also make the Indian real estate sector more attractive to institutional and foreign investors, boding well for capital formation in the medium term. The sharp decline in leverage has strengthened developers’ financial position, yielding multiple advantages. Lower financing costs have freed up capital for ongoing and new projects, while improved credit profiles have led to rating upgrades, enabling easier access to institutional funding at more competitive rates. At the same time, higher consumer confidence is translating into stronger pre-sales momentum, as buyers increasingly prefer financially sound developers.
With some large players already operating with net cash balances, the collective focus is now on maintaining net debt-to-equity ratios below 0.4, with more developers targeting a net cash position within the next three fiscal years, the report added.
(DISCLAIMER: The views and opinions expressed by investment experts on fortuneindia.com are either their own or of their organisations, but not necessarily that of fortuneindia.com and its editorial team. Readers are advised to consult certified experts before taking investment decisions.)
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