Top Listed Real Estate Developers to Hit Booking Targets of INR 1.49
Lakh Cr in FY2026
· Approx. 30% of
total bookings targets (pre-sales guidance) already achieved in Q1 of FY 2026
· DLF Ltd. &
Prestige Estates overachieve their total value targets with 52% & 45%,
respectively in ongoing FY
· Investor &
regulatory filings show top 10 listed developers achieved actual booking
targets of approx. INR 1.21 lakh Cr in FY 2025
· Top listed players
targeting 23% growth over FY25 in pre-sales this fiscal
· Avg. net
debt-to-equity ratio for leading listed players down to historic low of 0.05 in
FY25 - over 90% decline from FY17 peak (0.55)
· Land buying by
large & listed developers continues unabated in H1 2025 - 2,898+ acres land
transacted in 76 deals across India
Mumbai, 1 September 2025: With global trade tensions and
spiralling housing prices raging, residential sales were markedly tepid in
H12025 when compared to same period last year. However, listed developers
remain on track on their pre-sales targets, finds data compiled by ANAROCK
Research. Investor presentations and regulatory filings of the top 10 listed
developers show that almost 30% or INR 44,317 Cr of total booking (pre-sales
guidance) targets of INR 1,49,108 lakh Cr in FY 2026 is already squared away in
the first quarter of FY 2026. They are on track to achieve their booking
targets of over INR 1.49 lakh Cr in FY 2026.
"Players like DLF Ltd and Prestige Estates are cases in point - DLF
has hit nearly 52% of its total pre-sales target of INR 20,000-22,000 CR for FY
2026 in Q1 FY2026," says Anuj Puri, Chairman - ANAROCK Group.
"Prestige Estates has already clocked pre-sales of nearly 45% of its INR
27,000 Cr target for FY 2026."
The top 10 listed developers' booking targets in FY 2025 stood at
approx. INR 1,20,818 Cr. In short, they are targeting pre-sales growth of 23%
over FY25 in the current fiscal.
In terms of actual annual sales bookings in FY 2025, Godrej Properties
led the pack in last fiscal with pre-sales of nearly INR 29,444 Cr, followed by
DLF Ltd. with sales bookings of approx. INR 21,233 Cr.
|
Top 10 Listed Developers |
FY25 Actual (INR Cr) |
FY26 Guidance (INR Cr) |
% Growth Expected |
% Guidance Achieved in Q1 FY26 |
|
Prestige |
17,023 |
27000 |
59% |
45% |
|
Sobha |
6,276 |
10,000 |
59% |
21% |
|
Godrej |
29,444 |
32,500 |
10% |
22% |
|
Lodha (Macrotech) |
17,630 |
21,000 |
19% |
21% |
|
Keystone Realtors |
3,028 |
4,000 |
32% |
27% |
|
Signature Global |
10,290 |
12,500 |
21% |
21% |
|
Brigade |
7847 |
9,000 |
15% |
12% |
|
Kolte Patil |
2,791 |
4,500 |
61% |
14% |
|
Oberoi Reality |
5,266 |
6,608 |
25% |
25% |
|
DLF |
21,223 |
22,000 |
4% |
52% |
Compiled by ANAROCK Research
The listed players' pre-sales actuals achieved in FY 2025 have set the
tone for FY 2026.
"Buoyed by this sales momentum, their continued land buying spree
in H1 2025, when over 2,898 acres of land were transacted in 76 deals across
India," says Puri. "The total land volume transacted in H1 2025 is
already 1.15 times of the deals volume in the whole of 2024, when 133 deals for
about 2,515 acres were concluded across the country."
Net Debt-Equity Ratio Boosts Financial Strength
After the NBFC crisis in 2018 and the ensuing pandemic disruptions,
developers faced funding crunches and declining sales. Many, especially the
large and listed ones, focused on deleveraging, improving pre-sales, monetizing
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.
In a new phase of exceptional financial prudence, the average net
debt-to-equity ratio of leading listed players has dropped to a historic low of
0.05 in FY25. This marks an over 90% reduction from the FY17 peak of about
0.55. The average net debt-to-equity ratio decline from ~0.55 in FY17 to 0.05
in FY25 was primarily aided by fund raising and improved operational cash flows.
The real estate sector’s shift from leverage-led to balance-sheet-led
growth marks a pivotal shift in its investment appeal and operating model. With
near-zero debt levels, improving buyer sentiment, and favourable monetary
policy positions, FY26 sees the industry in a stable, trust-driven,
performance-led cycle that has long-term potential.
“This deleveraging phase will positively impact real estate development
in India over the long-term. 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," adds Puri.
The improved financial metrics also make Indian real estate sector more
attractive to institutional and foreign investors, which bodes well for capital
formation in the medium term.
Compiled by ANAROCK Research
Strong Balance Sheets = Greater Flexibility
The sharp decline in leverage has provided multiple advantages to
developers:
- Lower
interest burden:
Lower financing costs have freed up capital for ongoing and new projects.
- Improved
credit profiles: Many
developers have received rating upgrades, facilitating access to
institutional funding at more competitive rates.
- Higher
consumer confidence: Buyers are increasingly favouring financially sound
developers, further supporting their pre-sales momentum.
With some large developers now with net cash balances, the collective
goal now is keeping the net debt-to-equity ratio under 0.4 and more players are
targeting a net cash position over the next three fiscal years.
