Top Developers on Track to Achieve ₹1.49 Trn Pre-Sales Target in FY26
India’s top 10 listed real estate developers have achieved nearly 30% of their ambitious ₹1.49 trillion pre-sales target for FY26 in the first quarter, according to an Anarock report. Despite global trade tensions and rising housing prices, developers are firmly on track to meet their FY26 guidance.
Real EstateDevelopersPresalesAnarockFinancial DisciplineReal EstateSep 01, 2025
Despite global trade tensions and rising housing prices, residential sales slowed sharply in the first half of 2025 compared with the same period a year earlier. Yet, developers appear firmly on track to meet FY26 guidance.
In FY25, the top 10 developers had pre-sales of about ₹1.21 trillion. For the current fiscal, they are aiming for 23 per cent growth in bookings.
DLF and Prestige lead sales momentum
“Players like DLF and Prestige Estates are cases in point,” said Anuj Puri, Chairman of Anarock Group. DLF has already achieved nearly 52 per cent of its pre-sales target of ₹20,000–22,000 crore for FY26 in Q1, while Prestige Estates has clocked about 45 per cent of its ₹27,000 crore target.
Backed by strong momentum, developers stepped up land acquisitions in H1 2025, with 2,898 acres transacted across 76 deals nationwide.
Financial discipline reshapes sector
Anarock highlighted that the average net debt-to-equity ratio of top listed developers fell to a historic low of 0.05 in FY25, a decline of more than 90 per cent from the FY17 peak of 0.55. The reduction came from equity fundraising and improved cash flows.
“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,” Puri added.
With some large developers already net cash positive, the industry’s broader goal is to keep the net debt-to-equity ratio below 0.4. More players are expected to move to net cash status over the next three years, Anarock said.
Top 10 Listed Developers
| Developer | FY25 Actual (INR Cr) | FY26 Guidance (INR Cr) | % Growth Expected | % Guidance Achieved in Q1 FY26 |
|------------------|----------------------|------------------------|-------------------|--------------------------------|
| Prestige | 17,023 | 27,000 | 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 | 7,847 | 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% |
Source: Anarock research
Frequently Asked Questions
What is the pre-sales target for the top 10 listed developers in FY26?
The top 10 listed developers have set a pre-sales target of ₹1.49 trillion for FY26.
How much of the pre-sales target have the top 10 developers achieved in Q1 FY26?
The top 10 developers have achieved nearly 30 per cent of their pre-sales target in Q1 FY26, totalling about ₹44,317 crore.
Which developers are leading in sales momentum?
DLF and Prestige Estates are leading in sales momentum. DLF has achieved nearly 52 per cent of its pre-sales target, while Prestige Estates has achieved about 45 per cent.
What is the average net debt-to-equity ratio of top listed developers in FY25?
The average net debt-to-equity ratio of top listed developers fell to a historic low of 0.05 in FY25, a decline of more than 90 per cent from the FY17 peak of 0.55.
What is the industry's broader goal for the net debt-to-equity ratio?
The industry’s broader goal is to keep the net debt-to-equity ratio below 0.4. More players are expected to move to net cash status over the next three years.
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