Top Real Estate Developers Eye Rs 1.5 Lakh Crore Sales as Debt Hits Historic Low
India’s real estate sector is showing remarkable resilience, with leading developers reporting strong pre-sales and leaner balance sheets, even as overall housing demand remained subdued in the first half of 2025.
"With D/E ratios at multi-year lows and equity capital flowing in, developers can expand strategically, consolidate market share, and build consumer trust."
1. Ambitious Sales Targets for FY26
According to ANAROCK Research, the top 10 listed developers are targeting Rs 1.49 lakh crore in pre-sales for FY26. Impressively, they have already achieved nearly 30% (Rs 44,317 crore) of this goal in the first quarter alone.Leading the charge:DLF – Already achieved 52% of its annual pre-sales target of Rs 20,000–22,000 crorePrestige Estates – Close behind at 45% of its Rs 27,000 crore targetBy comparison, these developers collectively clocked Rs 1.21 lakh crore in pre-sales in FY25, marking a 23% growth target for FY26.2. Godrej, DLF, and the Leaders of the Pack
Godrej Properties topped FY25 charts with Rs 29,444 crore, followed by DLF at Rs 21,233 crore. Other major players are also ramping up expansion, showcasing the sector’s confidence despite broader market slowdowns.3. Aggressive Land Acquisitions
Developers are actively expanding their land banks:Over 2,898 acres of land changed hands across 76 deals in H1 2025This already exceeds total land deals of 2024 by 15%The surge in acquisitions highlights developers’ intent to strategically consolidate and expand in high-potential regions, preparing for sustained growth once demand picks up further.4. Historic Low Debt Levels
The sector’s financial discipline is perhaps even more noteworthy than sales growth.After the NBFC crisis of 2018 and pandemic disruptions, developers aggressively deleveragedNet debt-to-equity ratio has fallen to a historic low of 0.05 in FY25, down from 0.55 in FY17 – a 90% reductionSome major players are now in a net cash position, signaling a paradigm shift from debt-fueled growth to balance-sheet-driven growthAnuj Puri, Chairman of ANAROCK Group, notes:"With D/E ratios at multi-year lows and equity capital flowing in, developers can expand strategically, consolidate market share, and build consumer trust."