India’s top developers bet on ₹1.82 lakh cr sales in FY27 despite headwinds | Personal Finance

The combined pre-sales of 11 leading listed residential developers in India are projected to rise to ₹1.82 lakh crore in FY27 from ₹1.49 lakh crore in FY26, marking a 22.3% increase, according to an analysis by ANAROCK Research of investor presentations.

The projected growth comes despite higher property prices, elevated construction costs and continuing geopolitical and economic uncertainty globally.

More importantly for investors, the growth is expected to be broad-based. Ten of the 11 developers analysed are projected to report positive pre-sales growth in FY27, while only one is expected to see a marginal decline, largely because of a high base.

Nearly half of the developers are expected to post pre-sales growth of more than 20%.

“The analysis indicates broad-based growth across the organized housing sector,” said Dr Prashant Thakur, Executive Director & Head – Research & Advisory, ANAROCK Group.

“Demand remains healthy across most key residential markets, supported by a steady launch pipeline and sustained buyer confidence.”

Prestige Estates Projects is expected to record the strongest growth among the 11 developers analysed, with FY27 pre-sales estimated at ₹13,000 crore, compared with ₹5,400 crore in FY26 — a jump of 141%.

Signature Global follows with projected pre-sales of ₹10,000 crore, up 22% from ₹8,200 crore.

Mahindra Lifespaces is estimated to see pre-sales rise 41% to ₹4,800 crore from ₹3,400 crore, while Sobha is projected to increase pre-sales by 31% to ₹10,600 crore from ₹8,100 crore.

Rustomjee is expected to record a 25% increase to ₹5,000 crore, while Godrej Properties is projected to grow 14% to ₹39,000 crore.

The other major developers in the analysis include DLF, Oberoi Realty, Lodha Developers, Brigade Enterprises and Puravankara.

Why are developers still selling despite higher prices?

The latest numbers point to a shift in the composition of housing demand rather than a collapse in demand.

According to ANAROCK, unit sales growth is moderating, but booking values remain strong because of three factors: higher average selling prices, larger apartment sizes and continued demand for premium housing.

This is particularly relevant for investors looking at listed real estate companies.

A developer can record strong growth in the value of bookings even if the number of homes sold is growing more slowly, provided buyers are purchasing larger and more expensive homes.

“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,” Thakur said.

This allows developers to maintain healthy pre-sales even as higher land, construction and financing costs put pressure on the industry.

Inventory levels remain relatively comfortable

One of the more important findings for the wealth and investment story is that developers are not simply generating sales by building up excessive inventory.

ANAROCK’s analysis shows that the inventory-to-annual-bookings ratio for the developers ranges from 0.07x to 2.70x based on FY27 estimates.

Most of the developers have inventory equivalent to less than 1.5 years of annual bookings.

A lower inventory-to-sales ratio generally indicates that developers are selling homes at a pace that can absorb their existing stock relatively quickly.

For listed developers, this matters because excessive unsold inventory can tie up capital and increase borrowing requirements.

The current numbers suggest that, despite aggressive launch pipelines, inventory levels remain relatively disciplined.

Developers are growing without piling on debt

The balance-sheet picture adds another layer to the story.

ANAROCK’s analysis of a broader group of listed developers shows that aggregate net debt remained largely stable in FY26 compared with FY25, even as combined pre-sales increased by around 18%.

In other words, sales growth did not translate into a proportionate increase in borrowing.

The research indicates that much of the incremental growth was funded through internal accruals and operating cash flows rather than fresh debt.

Several developers also continued to maintain net cash positions, with cash and cash equivalents exceeding outstanding debt.

Most of these companies further increased their net cash surplus during FY26.

For investors, this is significant because real estate is traditionally a capital-intensive business. Developers have to fund land acquisition, construction and new launches well before the final sale proceeds are received.

A strong balance sheet therefore gives developers greater flexibility to launch new projects without taking on excessive financial risk.

Listed and Grade A developers are gaining market share

The increasing dominance of organised developers is another trend emerging from the data.

ANAROCK found that listed and Grade A developers increased their share of new residential launches across most major cities between FY26 and the first quarter of FY27.

In NCR, their share rose from 66% in FY26 to 70% in Q1 FY27.

Bengaluru saw the share rise from 53% to 57%, while Pune increased from 45% to 46%.

Hyderabad moved from 36% to 39%, Chennai from 58% to 60%, and Kolkata from 41% to 43%.