India’s 11 listed real estate developers have combined pre-sales estimated to increase from ₹1.49 lakh crore in FY26 to ₹1.82 lakh crore in FY27, a 22.3% year-on-year growth, according to a report released by ANAROCK, a real estate consultancy firm. Oberoi Realty and Puravankara are set to gain the most, the report said.
According to the report, this comes after a period of exceptional post-pandemic performance and against the backdrop of geopolitical tensions. The report said that they are defying the odds to sustain powerful sales momentum in FY27.
Oberoi Realty is estimated to record the highest growth in pre-sales in FY27, with estimates at ₹130 billion, up 141% from ₹54 billion in FY26.
Puravankara follows with a 51% increase to ₹112 billion from ₹74 billion, while Mahindra Lifespaces is estimated to grow 41% to ₹48 billion from ₹34 billion.
Sobha is expected to see a 31% rise to ₹106 billion, followed by Rustomjee at 25% to ₹50 billion and Brigade at 22% to ₹90 billion. Signature Global is also estimated to grow 22% to ₹100 billion, while Prestige Estates is expected to rise 18% to ₹353 billion and Lodha 17% to ₹240 billion.
Godrej Properties is estimated to grow 14% to ₹390 billion, the highest estimated pre-sales among the developers listed. DLF’s pre-sales are projected to remain broadly unchanged at ₹200 billion, compared with ₹201 billion in FY26. Overall, the combined pre-sales of these developers are estimated to rise 22% to ₹1,819 billion in FY27, from ₹1,487 billion in FY26, the report said.
“Despite rising property prices, elevated construction costs, and global geopolitical turbulence, these players remain on a strong footing. Driven by steady end-user demand, aggressive launch pipelines, and razor-sharp execution, pre-sales estimates for the 11 top listed developers confirm that India’s organized housing market remains locked in growth mode,” the report said.
“The analysis indicates broad-based growth across the organized housing sector. Of these 11 listed developers, at least 10 are projected to record positive pre-sales growth in FY27 – only one is expected to witness a marginal decline, largely due to a high base,” said Prashant Thakur, Executive Director & Head – Research and Advisory, ANAROCK Group.
According to Thakur, the demand has remained healthy across most key residential markets, supported by a steady launch pipeline and sustained buyer confidence.
“While the explosive growth of the past three years is normalising, the real estate sector’s underlying resilience remains unshaken. Nearly half of the analysed developers are on track to clock over 20% pre-sales growth. The top performers are aggressively launching new projects and continue to capture high-demand micro-markets. Divergence in individual growth rates stems from varying launch and completion schedules,” said Thakur.
Inventory position
According to the report, the developers also showcase a disciplined inventory position as their inventory-to-annual bookings ratio remains largely comfortable. Based on FY27 estimates, the ratio ranges from 0.07x to 2.70x, with most leading developers maintaining inventory equivalent to less than 1.5 years of annual bookings. Such a healthy balance between new launches and sales lowers the risk of inventory overhang while providing sufficient stock to support future growth.
“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,” said Thakur.
Net debt trends
According to the report, ANAROCK’S analysis of net debt trends across a broader set of listed developers shows that aggregate net debt remained largely stable in FY26 compared to FY25, edging down marginally while combined pre-sales for this set of developers grew by about 18% during the year. Evidently, much of the incremental growth has been funded through internal accruals and operating cash flows, rather than fresh borrowings.
Several developers within this set continue to maintain a net cash position, with their cash and cash equivalents exceeding outstanding debt. Most of them further expanded their net cash surplus during FY26, maintaining their balance sheet strength even as launch activity and construction spends picked up pace, the report said.
