As debt reaches a record low, leading real estate developers anticipate sales of Rs 1.5 lakh crore

India’s top listed real estate developers are powering ahead with robust sales targets and their strongest balance sheets in years, even as housing demand remained subdued in the first half of 2025.

According to new statistics from ANAROCK Research, in just the first quarter, the top 10 listed companies have already reached about 30% (Rs 44,317 crore) of their total pre-sales target of Rs 1.49 lakh crore for FY26.

Prestige Estates and DLF are at the forefront. DLF has already met 52% of its annual pre-sales guidance of Rs 20,000–22,000 crore, while Prestige is close behind at 45% of its Rs 27,000 crore target.

For comparison, the combined pre-sales revenue for these developers in FY25 was Rs 1.21 lakh crore. They are now aiming for a 23% growth in FY26. Godrej Properties topped the FY25 charts with Rs 29,444 crore, followed by DLF at Rs 21,233 crore.

The expansion of major players is not slowing down. In H1 2025, 76 transactions involving more than 2,898 acres of land were completed, which is already 1.15 times the total number of land transactions in 2024.

The financial reversal is significantly more noticeable when sales are high. Developers entered deleveraging mode following the 2018 NBFC crisis and the interruptions caused by the epidemic. Today, their average net debt-to-equity ratio has fallen to a historic low of 0.05 in FY25, down from 0.55 in FY17—a 90% reduction.

Several well-known companies are now in a net cash position, indicating a change in the industry from growth driven by debt to growth driven by the balance sheet. “Over time, this deleveraging phase will have a positive impact on India’s real estate development.” Developers can strategically grow, consolidate market share, and gain the trust of consumers with D/E ratios at multi-year lows and equity capital streaming in, according to Anuj Puri, Chairman of the ANAROCK Group.

Together with favorable monetary conditions and growing investor interest, the sector’s financial discipline is fostering a growth cycle that is driven by performance and trust.

Strong balance sheets and near-zero debt make the real estate a safer bet for institutional and foreign investors, setting the stage for long-term capital inflows.

To put it succinctly, leading developers are stronger, leaner, and prepared for rapid expansion as they enter FY26.