News: ANAROCK expects pre-sales of 11 listed developers to climb 22% to Rs 1.82 lakh crore in FY27-12-08-2026

The combined pre-sales of India’s 11 listed real estate developers are projected to rise 22.3% year-on-year, from Rs 1.49 lakh crore in FY26 to Rs 1.82 lakh crore in FY27, according to an ANAROCK report. Oberoi Realty and Puravankara are expected to gain the most.

The report said the developers are sustaining strong sales momentum after an exceptional post-pandemic stretch and despite geopolitical tensions. Oberoi Realty is estimated to post the steepest growth, with FY27 pre-sales of Rs 130 billion, up 141% from Rs 54 billion. Puravankara follows with a 51% rise to Rs 112 billion from Rs 74 billion, and Mahindra Lifespaces is projected to grow 41% to Rs 48 billion from Rs 34 billion.

Sobha is expected to rise 31% to Rs 106 billion, Rustomjee 25% to Rs 50 billion, Brigade 22% to Rs 90 billion and Signature Global 22% to Rs 100 billion. Prestige Estates is seen growing 18% to Rs 353 billion and Lodha 17% to Rs 240 billion. Godrej Properties, at Rs 390 billion after 14% growth, has the highest estimated pre-sales, while DLF is projected to stay broadly flat at Rs 200 billion against Rs 201 billion in FY26.

Prashant Thakur, executive director and head of research and advisory at ANAROCK Group, said at least 10 of the 11 developers are projected to record positive growth, with only one seeing a marginal decline because of a high base. Nearly half are on track for pre-sales growth above 20%, he said, and the explosive growth of the past three years is normalising.

Based on FY27 estimates, inventory-to-annual-bookings ratios range from 0.07x to 2.70x, and most leading developers hold stock equal to less than 1.5 years of bookings, which lowers the risk of an inventory overhang. Thakur said unit sales growth is moderating, but booking values remain strong because of higher average selling prices, larger apartments and demand for premium housing.

Across a wider set of listed developers, aggregate net debt was largely stable in FY26 compared with FY25, while combined pre-sales grew about 18%. The report said the growth was funded mainly through internal accruals and operating cash flows, and several developers kept a net cash position and widened their surplus.