DLF, Prestige, Godrej Lead in ₹1.49 Lakh Crore FY26 Pre-Sales Push
India’s leading real estate developers, DLF, Prestige Estates, and Godrej Properties, are set to achieve significant pre-sales targets for FY26, driven by disciplined balance sheets and aggressive land strategies.
Real EstatePresalesDlfPrestige EstatesGodrej PropertiesReal EstateSep 01, 2025
At the forefront is DLF Ltd., the Gurugram-based developer, which has already achieved 52% of its annual pre-sales target of ₹20,000–22,000 crore in just the first quarter of FY26. This is an unprecedented feat in recent years, highlighting the company's strong market position and execution capabilities.
Prestige Estates, based in Bengaluru, has also delivered a stellar performance by achieving 45% of its ₹27,000 crore guidance in Q1. This strong start positions the developer for one of its most successful fiscal years yet, driven by aggressive launches and strong demand in southern metros.
According to Anuj Puri, Chairman of ANAROCK Group, “These numbers underscore the resilience of large listed players in navigating market headwinds. Players like DLF and Prestige are pulling ahead because of their brand equity, scale, and ability to monetize large land banks quickly.”
Godrej Properties, which topped the charts in FY2025 with nearly ₹29,444 crore in bookings, has set a conservative guidance of ₹32,500 crore for FY26, representing a 10% growth. The developer has already achieved 22% of this target in Q1, solidifying its position as the market leader in terms of absolute sales volumes.
ANAROCK Research data shows that the top 10 listed developers collectively achieved ₹1.21 lakh crore in actual pre-sales in FY25. For FY26, their aggregate target stands at ₹1.49 lakh crore, marking a 23% increase year-on-year. Other significant performers include Macrotech Developers (Lodha) with ₹21,000 crore guidance (19% growth) and Signature Global, targeting ₹12,500 crore (21% growth). Smaller but ambitious players such as Kolte Patil and Sobha have set growth targets of over 59%, reflecting the confidence across the board.
The optimism is also evident in developers’ land acquisition strategies. In the first half of 2025 alone, listed players transacted 2,898 acres across 76 deals nationwide, which is 1.15 times the land volume of the entire 2024, when 133 deals covered 2,515 acres. This aggressive land grab points to a two-pronged strategy: ensuring long-term inventory pipelines and capitalizing on strong pre-sales momentum to expand market share. Prestige, Lodha, and Godrej have been particularly active in acquiring parcels in high-demand urban clusters.
The financial discipline underpinning the top line momentum is equally noteworthy. After years of deleveraging, triggered by the NBFC liquidity crisis in 2018 and later by pandemic disruptions, the average net debt-to-equity ratio of leading listed developers plummeted to 0.05 in FY25, a 90% decline from its FY17 peak of 0.55. Several players, including DLF and Godrej, are already operating with net cash balances. Lower leverage has freed up capital for project execution, improved credit ratings, and reassured homebuyers wary of developer defaults.
“This deleveraging phase is the single biggest structural shift in Indian real estate,” Puri noted. “It improves balance sheets, attracts foreign capital, and creates a virtuous cycle of trust between buyers, investors, and developers.”
The strong pre-sales performance comes against a backdrop of tepid residential demand in H1 2025, pressured by global trade tensions, inflationary trends, and rising housing prices. However, listed developers, who control a growing share of India’s organized housing market, appear insulated thanks to their stronger brand pull, execution capabilities, and financial prudence.
Institutional and foreign investors are also warming to this shift. With developers prioritizing balance-sheet-led growth over debt-fueled expansion, the sector is increasingly seen as a stable asset class for long-term capital deployment.
The path ahead for FY26 is clear: the top 10 developers are poised to consolidate further, with larger players expanding geographically and smaller listed firms achieving higher growth rates. The pre-sales pipeline, underpinned by aggressive land acquisition and record-low leverage, positions the industry for sustained expansion. If the first quarter is any indication, FY26 may mark a turning point where the sector, long associated with high leverage and cyclical downturns, firmly transitions into a stable, performance-led cycle.
As Puri summed it up: “With net debt ratios near zero, sustained equity inflows, and strong pre-sales guidance, India’s top developers are entering a golden phase of trust-led growth. FY26 could well be their defining year.”
Frequently Asked Questions
What is the total pre-sales target for the top 10 listed developers in FY26?
The top 10 listed developers collectively have a pre-sales target of ₹1.49 lakh crore for FY26.
Which developer achieved 52% of its annual pre-sales target in just the first quarter of FY26?
DLF Ltd. achieved 52% of its annual pre-sales target in just the first quarter of FY26.
What is the average net debt-to-equity ratio of leading listed developers in FY25?
The average net debt-to-equity ratio of leading listed developers plummeted to 0.05 in FY25, a 90% decline from its FY17 peak of 0.55.
What is the primary strategy behind the aggressive land acquisition by developers?
The primary strategy behind the aggressive land acquisition by developers is to ensure long-term inventory pipelines and capitalize on strong pre-sales momentum to expand market share.
How has the financial discipline of developers impacted their market position?
Financial discipline has improved balance sheets, attracted foreign capital, and created a virtuous cycle of trust between buyers, investors, and developers, thereby strengthening their market position.
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