New Delhi, Sep 1 (IANS) India’s top 10 listed developers have achieved nearly 30 per cent, or Rs 44,317 crore, of their total booking (pre-sales guidance) targets of Rs 1,49,108 crore in FY 2026 in the first quarter of the fiscal, a report said on Monday.

“They are on track to achieve their booking targets of over Rs 1.49 lakh crore in FY 2026,” ANAROCK Research said in a report.

The top 10 listed developers’ booking targets in FY 2025 stood at around Rs 1,20,818 crore. In short, they are targeting a 23 per cent pre-sales growth over FY25 in the current fiscal year, the report stated.

According to the report, the actual annual sales bookings in FY 2025, Godrej Properties led the pack in the last fiscal with pre-sales of nearly Rs 29,444 crore, followed by DLF, with sales bookings of around Rs 21,233 crore.

“Players like DLF Ltd and Prestige Estates are cases in point – DLF has hit nearly 52 per cent of its total pre-sales target of Rs 20,000-22,000 crore for FY 2026 in Q1 FY2026,” says Anuj Puri, Chairman, ANAROCK Group.

After the NBFC crisis in 2018 and the ensuing pandemic disruptions, developers faced funding crunches and declining sales.

Many, especially the large and listed ones, focussed on deleveraging, improving pre-sales, monetising assets, and raising equity capital. As a result, several top developers have brought down their net debt-to-equity ratios, with some even achieving net cash positions, a report said.

However, the real estate sector’s shift from leverage-led to balance-sheet-led growth marks a pivotal shift in its investment appeal and operating model.

“With near-zero debt levels, improving buyer sentiment, and favourable monetary policy positions, FY26 sees the industry in a stable, trust-driven, performance-led cycle that has long-term potential,” the report stated.

“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.

The improved financial metrics also make the Indian real estate sector more attractive to institutional and foreign investors, which bodes well for capital formation in the medium term.

–IANS

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