Top 11 developers target ₹1.8 trillion in pre-sales for FY27: Report

Anarock expects combined bookings to rise 22.3 per cent year-on-year, supported by steady demand, new launches and higher average selling prices

The top 11 listed developers are targeting combined pre-sales of ₹1.82 trillion in FY27, up from ₹1.49 trillion in FY26, a 22.3 per cent year-on-year (YoY) increase, according to real estate consultancy Anarock.

 

India’s listed residential developers are sustaining sales momentum despite rising property prices, elevated construction costs and global geopolitical turbulence, the report said. Steady end-user demand, launch pipelines and execution are supporting growth.

 

Prashant Thakur, executive director and head of research and advisory at Anarock Group, said: “Demand remains healthy across most key residential markets, supported by a steady launch pipeline and sustained buyer confidence.”

 

Of the 11 developers, 10 are projected to post positive pre-sales growth in FY27, while one is expected to see a marginal decline, largely due to a high base.

   

“While the explosive growth of the past three years is normalising, the sector’s underlying resilience remains unshaken. Nearly half of the analysed developers are on track to clock over 20 per cent pre-sales growth,” Thakur said.

 

He added that the top performers were aggressively launching new projects and continued to capture high-demand micro-markets. Divergence in individual growth rates stems from varying launch and completion schedules.

 

Oberoi Realty is expected to be the standout performer, with estimated pre-sales growth of 141 per cent YoY in FY27, while DLF is expected to remain broadly flat.

 

The inventory-to-annual bookings ratio also remains comfortable, ranging from 0.07x to 2.70x based on FY27 estimates. Most developers have inventory equivalent to less than 1.5 years of annual bookings, reducing the risk of inventory overhang, the report said.

 

The inventory-to-annual bookings ratio measures how much available stock a developer has compared with its bookings or pre-sales in a year.

 

“The residential demand composition continues to evolve — while unit sales growth is moderating, booking values remain strong thanks to rising average selling prices, larger apartment sizes, and sustained demand for premium housing. This allows these developers to maintain healthy pre-sales growth despite higher property prices and increasing construction costs,” Thakur stated.

 

Anarock’s analysis of a broader set of listed developers showed aggregate net debt remained largely stable in FY26, edging down marginally even as combined pre-sales rose about 18 per cent YoY.

 

Much of the incremental growth was funded through internal accruals and operating cash flows rather than fresh borrowings, the report said. Several developers continued to maintain net cash positions, with most expanding their surplus during FY26.

 

Listed and Grade A developers also increased their share of new launches across major markets. Their share rose from 66 per cent to 70 per cent in the National Capital Region (NCR) and from 53 per cent to 57 per cent in Bengaluru between FY26 and Q1FY27. In the Mumbai Metropolitan Region (MMR), their share rose from 24 per cent to 26 per cent.

 

“Homebuyers and lenders are consolidating strongly around financially strong, transparent developers with proven execution. This stabilises the residential market despite global volatility. Moving forward, launch strategies will be surgical. These players are focusing on high-visibility projects, phased execution, and disciplined capital allocation,” Thakur added.