 "real estate, realty firms")
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India’s top 10 listed developers have achieved nearly 30 per cent of their ambitious ₹1.49 trillion pre-sales target for FY26 in the first quarter, totalling about ₹44,317 crore, according to an Anarock report.
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.
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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.
Source: Anarock research
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