Top Real Estate Developers on Track to Meet FY26 Sales Targets; Debt Levels Reach Record Lows
Despite global trade tensions and rising property prices, India’s leading real estate developers are on track to achieve their ambitious sales targets for FY26, with nearly 30% of the booking guidance already achieved in Q1. This is coupled with historic low debt levels, making the sector more attractive to investors.
Real EstateProperty PricesSales TargetsDebt LevelsAnarock ResearchReal EstateSep 01, 2025
DLF Ltd and Prestige Estates have emerged as frontrunners in this ambitious race. DLF has already hit nearly 52% of its total pre-sales target of Rs 20,000-22,000 crore for FY26 in Q1, while Prestige Estates has clocked about 45% of its Rs 27,000 crore guidance, according to Anuj Puri, chairman of ANAROCK Group.
In FY25, the top 10 listed developers recorded total bookings of about Rs 1.20 lakh crore, and they are now aiming for a 23% growth in FY26. Godrej Properties led the pack last fiscal with pre-sales of Rs 29,444 crore, followed by DLF at Rs 21,233 crore.
The aggressive land buying spree continues alongside this robust sales momentum. In H1 2025 alone, developers transacted nearly 2,898 acres across 76 deals, already exceeding the total land volume of the entire year 2024, when 133 deals for 2,515 acres were concluded. “This aggressive land buying reflects confidence in the sector’s growth trajectory,” Puri noted.
A key driver of this confidence has been the sector’s rapid deleveraging since the NBFC crisis in 2018 and the pandemic disruptions. Developers have focused on improving pre-sales, monetising assets, and raising equity capital. As a result, the average net debt-to-equity ratio of leading listed players has fallen to just 0.05 in FY25, its lowest level ever, marking a sharp decline from nearly 0.55 in FY17. Several players now hold net cash positions, shifting the industry model from leverage-driven to balance-sheet-led growth.
“This deleveraging phase will positively impact real estate development in India over the long term,” Puri said. “With debt-to-equity ratios at multi-year lows and equity capital continuing to flow in, developers can consolidate market share, expand strategically, and build stronger consumer trust.”
The sharp decline in leverage is creating multiple benefits:
- Lower interest burden has freed up capital for new projects.
- Improved credit ratings have enhanced access to institutional funding at competitive rates.
- Higher buyer confidence is driving demand toward financially sound developers.
With balance sheets healthier than ever, the sector has also become more attractive to institutional and foreign investors, improving prospects for medium-term capital formation. Looking ahead, listed developers aim to maintain net debt-to-equity ratios below 0.4 and many are targeting net cash positions within three years, a structural shift that could reshape India’s real estate landscape into a more stable, trust-driven cycle.
Frequently Asked Questions
Which developers are leading the race to achieve FY26 sales targets?
DLF Ltd and Prestige Estates are leading the race. DLF has achieved nearly 52% of its total pre-sales target of Rs 20,000-22,000 crore for FY26 in Q1, while Prestige Estates has clocked about 45% of its Rs 27,000 crore guidance.
What is the projected growth for the top 10 listed developers in FY26?
The top 10 listed developers are aiming for a 23% growth in FY26. In FY25, they recorded total bookings of about Rs 1.20 lakh crore.
How much land have developers acquired in H1 2025?
In H1 2025, developers transacted nearly 2,898 acres across 76 deals, already exceeding the total land volume of the entire year 2024, when 133 deals for 2,515 acres were concluded.
What is the current net debt-to-equity ratio for leading listed players?
The average net debt-to-equity ratio of leading listed players has fallen to just 0.05 in FY25, its lowest level ever, marking a sharp decline from nearly 0.55 in FY17.
What are the benefits of the sharp decline in leverage for the real estate sector?
The benefits include lower interest burden, improved credit ratings, enhanced access to institutional funding at competitive rates, and higher buyer confidence.
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