India's Top 10 Listed Developers on Track to Achieve Rs 1.49 Lakh Crore Booking Target in FY26
India’s leading listed real estate developers have made significant progress towards their booking targets, with nearly 30% of their Rs 1.49 lakh crore goal already achieved in the first quarter of FY2026. This growth bodes well for the sector's financial health and investor attractiveness.
Real EstateBooking TargetsDevelopersFinancial MetricsInvestor AttractivenessReal EstateSep 01, 2025
The top 10 listed developers’ booking targets in FY 2025 stood at around Rs 1,20,818 crore. In the current fiscal year, they are targeting a 23% pre-sales growth over FY25, the report stated. Godrej Properties led the pack in the last fiscal with pre-sales of nearly Rs 29,444 crore, followed by DLF, with sales bookings of around Rs 21,233 crore.
“Players like DLF Ltd and Prestige Estates are cases in point – DLF has hit nearly 52% of its total pre-sales target of Rs 20,000-22,000 crore for FY2026 in Q1 FY2026,” says Anuj Puri, Chairman of ANAROCK Group. This strong performance is a testament to the resilience and strategic focus of these developers.
After the NBFC crisis in 2018 and the ensuing pandemic disruptions, developers faced significant 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, according to the report.
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 favorable monetary policy positions, FY26 sees the industry in a stable, trust-driven, performance-led cycle that has long-term potential,” the report stated.
This deleveraging phase will positively impact real estate development in India over the long term. With debt-to-equity ratios at multi-year lows and equity capital continuing to flow in, developers can expand strategically, consolidate market share, and build consumer trust, Puri added.
The improved financial metrics also make the Indian real estate sector more attractive to institutional and foreign investors, which bodes well for capital formation in the medium term. This trend is expected to drive further investment and growth in the sector, solidifying its position as a key driver of the Indian economy.
Frequently Asked Questions
What are the booking targets for India’s top 10 listed developers in FY2026?
India’s top 10 listed developers have set a booking target of Rs 1,49,108 crore for FY2026, representing a 23% increase over their FY2025 targets.
How much have they achieved so far in the first quarter of FY2026?
In the first quarter of FY2026, these developers have achieved nearly 30%, or Rs 44,317 crore, of their total booking targets.
Which developer led the pre-sales in FY2025?
Godrej Properties led the pre-sales in FY2025 with nearly Rs 29,444 crore, followed by DLF with sales bookings of around Rs 21,233 crore.
What strategies have developers adopted to improve their financial health?
Developers have focused on deleveraging, improving pre-sales, monetizing assets, and raising equity capital to bring down their net debt-to-equity ratios and achieve net cash positions.
How does the improved financial health of developers impact investor attractiveness?
The improved financial metrics make the Indian real estate sector more attractive to institutional and foreign investors, which bodes well for capital formation and long-term growth in the sector.
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