India’s Top Real Estate Developers Eye Robust Growth in FY26 Amid Historic Low Debt.

India’s Top Real Estate Developers Eye Robust Growth in FY26 Amid Historic Low Debt

The Indian real estate sector is witnessing a remarkable transformation as top developers report robust sales performance and unprecedented financial health despite a subdued housing demand in the first half of 2025.

The latest data from ANAROCK Research highlights that India’s leading 10 listed real estate developers have achieved nearly 30% of their ambitious Rs 1.49 lakh crore pre-sales target for FY26 within just the first quarter. Standouts in this group are industry giants like DLF and Prestige Estates, which have already captured 52% and 45% respectively of their annual pre-sales goals. This proactive sales momentum is a strong indicator of the sector's resilience and growth trajectory. Notably, these developers aim for a 23% increase in pre-sales compared to FY25, which saw a collective Rs 1.21 lakh crore in pre-sales, showcasing confidence in market recovery and expansion. Godrej Properties led the charge in FY25 followed by DLF, underlining the competitive yet dynamic environment within the real estate industry.

Land acquisitions are also on the rise with nearly 2,898 acres changing hands in 76 deals during the first half of 2025, already surpassing the total land deals made in 2024 by 15%. This reflects strategic expansion moves by major players aiming to consolidate their presence and capitalize on growth opportunities.

Remarkably, the sector's financial health tells an even more compelling story. After years marked by the 2018 NBFC crisis and the global pandemic, real estate developers have aggressively deleveraged, slashing their average net debt-to-equity ratio by 90% from 0.55 in FY17 to a historic low of 0.05 in FY25. Some leading firms are now net cash positive, marking a significant shift from debt-heavy operations to financially robust, balance-sheet-driven growth models. Anuj Puri, Chairman of ANAROCK Group, emphasizes that this reduction in leverage and inflow of equity capital will foster strategic expansion, stronger market consolidation, and increased consumer trust, laying the foundation for sustainable long-term real estate development in India.

The ongoing shift towards financial discipline, coupled with favorable monetary policies and heightened investor interest, is cultivating a trust-driven, performance-oriented growth cycle for the sector. This makes Indian real estate an appealing and safer investment for institutional and foreign investors poised for long-term capital inflows.

In conclusion, India’s top-listed real estate developers are entering FY26 with the healthiest balance sheets seen in decades. Leaner and stronger than ever, these companies are well-positioned for aggressive growth in a recovering market, signaling promising prospects for the overall real estate sector.

This positive momentum reflects a fundamentally stronger real estate market ready to capitalize on future growth opportunities and investor confidence.