According to Anarock’s analysis of investor presentations of these developers, DLF likely to report flat growth, Godrej -14%, Prestige 18%, And Lodha- 17% in FY27.
Oberoi Realty is expected to be the biggest gainer due to Gurugram launch due to which it annual pre-sale is expected to be Rs 13,000 crore from Rs 5,400 crore last year.
Of these 11 listed developers, at least 10 are projected to record positive pre-sales growth in FY27 – only one is expected to witness a marginal decline, largely due to a high base. Demand remains healthy across most key residential markets, supported by a steady launch pipeline and sustained buyer confidence.
“The concerted flight to quality is evident – buyers overwhelmingly favour established players with proven execution, timely deliveries, and financial transparency. This structural shift continues to power listed players’ ability to steadily capture market share and sustain robust booking velocity across major metros,” said Prashant Thakur, executive director and head – research and advisory, Anarock Group.
Nearly half of the analysed developers are on track to clock over 20% pre-sales growth. The top performers are aggressively launching new projects and continue to capture high-demand micro-markets.
The data also showcases these players’ disciplined inventory position – their inventory-to-annual bookings ratio remains largely comfortable. Based on FY27 estimates, the ratio ranges from 0.07x to 2.70x, with most leading developers maintaining inventory equivalent to less than 1.5 years of annual bookings.This lowers the risk of inventory overhang while providing sufficient stock to support future growth.
“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. This allows these developers to maintain healthy pre-sales growth despite higher property prices and increasing construction costs”, said Thakur.
The analysis of net debt trends across a broader set of listed developers shows that aggregate net debt remained largely stable in FY26 compared to FY25, edging down marginally while combined pre-sales for this set of developers grew by about 18% during the year. Much of the incremental growth has been funded through internal accruals and operating cash flows, rather than fresh borrowings.
Several developers within this set continue to maintain a net cash position, with their cash and cash equivalents exceeding outstanding debt. Most of them further expanded their net cash surplus during FY26, maintaining their balance sheet strength even as launch activity and construction spends picked up pace.
Data on new residential launches points to a widening footprint for listed and Grade A developers across key cities. Between FY26 and Q1 FY27, their share of new launches rose in most major markets, moving up from 66% to 70% in the National Capital Region (NCR), 53% to 57% in Bengaluru, 45% to 46% in Pune, 36% to 39% in Hyderabad, 58% to 60% in Chennai and 41% to 43% in Kolkata. In the Mumbai Metropolitan Region (MMR), listed and Grade A developers accounted for about 24% of new launches in FY26 and 26% in Q1 FY27.
“Homebuyers and lenders are consolidating strongly around financially strong, transparent developers with proven execution. This stabilises the residential market despite global volatility,” said Thakur.