An analysis of investor presentations of 11 listed developers by ANAROCK Research showed that 10 are projected to report pre-sales growth in FY27, while one is expected to see a marginal decline due to a high base. Nearly half are expected to grow pre-sales by more than 20%.
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“The analysis indicates broad-based growth across the organized housing sector,” says Dr. Prashant Thakur, Executive Director & Head – Research & Advisory, ANAROCK Group. “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.”
Oberoi, Puravankara lead growth
Oberoi Realty is projected to post the strongest growth, with pre-sales estimated at Rs 13,000 crore in FY27 against Rs 5,400 crore in FY26, a 141% increase.
Puravankara follows with a projected 51% rise to Rs 11,200 crore, while Mahindra Lifespaces is expected to grow 41% to Rs 4,800 crore. Sobha‘s pre-sales are projected to rise 31% to Rs 10,600 crore.
Rustomjee is expected to grow 25% to Rs 5,000 crore, while Brigade Enterprises and Signature Global are each projected to rise 22%, to Rs 9,000 crore and Rs 10,000 crore, respectively.Prestige Estates is estimated to post Rs 35,300 crore in pre-sales, up 18%, while Lodha is projected to rise 17% to Rs 24,000 crore. Godrej Properties is expected to grow 14% to Rs 39,000 crore, the highest projected pre-sales among the 11 developers.
DLF is the only developer expected to see a marginal decline, with pre-sales estimated at Rs 20,000 crore against Rs 20,100 crore in FY26.
Inventory, debt remain comfortable
ANAROCK said the inventory-to-annual bookings ratio for the developers ranges from 0.07x to 2.70x based on FY27 estimates, with most maintaining inventory equivalent to less than 1.5 years of annual bookings.
“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”, adds Dr. Thakur.
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Balance sheets have also remained resilient. ANAROCK’s analysis of a broader group of listed developers showed aggregate net debt stayed largely stable in FY26 from FY25 even as combined pre-sales rose about 18%.
Several developers remained in net cash, with most further expanding their cash surplus during the year, suggesting that much of the growth has been funded through internal accruals and operating cash flows rather than fresh borrowing.
Organised developers gain share
Listed and Grade A developers also increased their share of new launches across most major housing markets between FY26 and Q1 FY27.
Their share rose from 66% to 70% in 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 MMR, their share increased from 24% to 26%.
“Homebuyers and lenders are consolidating strongly around financially strong, transparent developers with proven execution,” says Dr. Thakur. “This stabilises the residential market despite global volatility. Moving forward, launch strategies will be surgical. These players are focusing on high-visibility projects, phased execution, and disciplined capital allocation. The projected 22.3% increase in their aggregate pre-sales in FY27 is the strongest possible indicator of the confidence they command with today’s homebuyers.”