India’s leading listed residential developers are entering FY27 with strong sales ambitions despite rising property prices, higher construction costs and continued global economic and geopolitical uncertainty.
An analysis by ANAROCK Research of investor presentations of 11 leading listed developers estimates their combined pre-sales to rise 22.3% year-on-year, from ₹1.49 lakh crore in FY26 to ₹1.82 lakh crore in FY27. The projections indicate that demand for organised and branded housing remains resilient, even as the rapid pace of sales growth seen in the post-pandemic period begins to moderate.
Of the 11 developers analysed, 10 are expected to report positive pre-sales growth in FY27, while one is projected to see a marginal decline, largely because of a high base in the previous year. Nearly half of the developers are expected to deliver more than 20% growth in pre-sales.
Oberoi, Puravankara and Mahindra among fastest-growing players
The projections show considerable variation across developers, reflecting differences in launch pipelines, project completion schedules and the markets in which they operate.
Oberoi Realty has the highest projected growth, with pre-sales estimated to jump 141% to ₹13,000 crore in FY27 from ₹5,400 crore in FY26.
Puravankara follows with an estimated 51% increase to ₹11,200 crore, while Mahindra Lifespaces is projected to grow 41% to ₹4,800 crore.
Sobha’s pre-sales are estimated to rise 31% to ₹10,600 crore, while Rustomjee is projected to record 25% growth at ₹5,000 crore.
Brigade Enterprises and Signature Global are each expected to grow 22%, reaching ₹9,000 crore and ₹10,000 crore, respectively.
Prestige Estates is projected to report an 18% increase to ₹35,300 crore, while Lodha is estimated to grow 17% to ₹24,000 crore. Godrej Properties is expected to increase pre-sales by 14% to ₹39,000 crore.
DLF is the only developer in the group projected to remain broadly flat, with FY27 pre-sales estimated at ₹20,000 crore against ₹20,100 crore in FY26.
FY27 pre-sales projections
| Developer | FY27 pre-sales | FY26 pre-sales | Growth |
|---|---|---|---|
| DLF | ₹20,000 cr | ₹20,100 cr | 0% |
| Godrej | ₹39,000 cr | ₹34,200 cr | 14% |
| Oberoi | ₹13,000 cr | ₹5,400 cr | 141% |
| Prestige | ₹35,300 cr | ₹30,000 cr | 18% |
| Sobha | ₹10,600 cr | ₹8,100 cr | 31% |
| Lodha | ₹24,000 cr | ₹20,500 cr | 17% |
| Brigade | ₹9,000 cr | ₹7,400 cr | 22% |
| Mahindra | ₹4,800 cr | ₹3,400 cr | 41% |
| Puravankara | ₹11,200 cr | ₹7,400 cr | 51% |
| Signature Global | ₹10,000 cr | ₹8,200 cr | 22% |
| Rustomjee | ₹5,000 cr | ₹4,000 cr | 25% |
| Total | ₹1,81,900 cr | ₹1,48,700 cr | 22% |
Why are homebuyers continuing to spend?
The numbers suggest that the housing market is undergoing a change in composition rather than a broad-based slowdown.
While unit sales growth has moderated in several markets, booking values remain strong. ANAROCK attributes this to rising average selling prices, larger apartment sizes and continued demand for premium homes.
In other words, developers may not necessarily be selling dramatically more units, but the value of each booking is increasing.
This is particularly important for the organised residential sector. Buyers are increasingly prioritising developers with established brands, stronger balance sheets, transparent financial disclosures, proven execution capabilities and a track record of timely delivery.
The trend represents what ANAROCK describes as a continued “flight to quality” in the housing market.
For homebuyers, this means the choice of developer is becoming increasingly important. A strong brand does not automatically eliminate project-level risks, but financially stronger developers can potentially provide greater confidence around construction, funding and delivery compared with weaker or undercapitalised players.
Inventory levels remain under control
Another positive indicator is the inventory position of these developers.
According to ANAROCK, the inventory-to-annual-bookings ratio based on FY27 estimates ranges from just 0.07x to 2.70x. Most of the developers have inventory equivalent to less than 1.5 years of annual bookings.
A lower inventory-to-sales ratio generally indicates that developers are not sitting on excessive unsold stock relative to their annual sales velocity.
For the industry, this reduces the immediate risk of a large inventory overhang. It also suggests that developers are increasingly matching new launches with actual demand rather than aggressively creating supply without sufficient absorption.
For homebuyers, controlled inventory can have mixed implications. On one hand, it indicates a healthier market and lowers the likelihood of distressed discounting caused by excessive unsold stock. On the other, strong demand and limited availability in desirable projects can keep prices firm.
Higher prices are changing the meaning of sales growth
The increase in booking values also highlights a critical feature of India’s current housing market: the market is becoming more expensive.
Rising average selling prices, larger homes and stronger premium-housing demand are pushing the overall value of residential sales higher.
This means a 20% increase in pre-sales value should not automatically be interpreted as a 20% increase in the number of homes sold.
For homebuyers, the distinction is important. A developer can report strong growth in booking value even if unit sales growth is considerably lower, simply because homes are being sold at higher prices or buyers are purchasing larger apartments.
The trend also indicates that the premium and upper-mid segments continue to play an important role in supporting the industry’s growth.
Balance sheets remain a key strength
ANAROCK’s broader analysis of listed developers also points to financial discipline.
Aggregate net debt among the larger group of listed developers remained largely stable in FY26 compared with FY25, even as their combined pre-sales increased by around 18%.
This suggests that a significant portion of the growth was supported by internal accruals and operating cash flows rather than being driven primarily by fresh borrowing.
Several developers also continued to maintain net cash positions, with cash and cash equivalents exceeding outstanding debt. Most of these companies further increased their net cash surplus during FY26.
This is significant for the sector because residential development is capital intensive. Developers need substantial funds for land acquisition, construction, approvals, marketing and project execution.
A stronger balance sheet gives companies greater flexibility to launch projects, acquire land and withstand periods of weaker sales without depending excessively on external borrowing.
For lenders and investors, it also improves the risk profile of established developers.
Listed and Grade A developers gaining market share
The growing dominance of organised developers is also visible in new launches across India’s major residential markets.
ANAROCK data shows that the combined share of listed and Grade A developers in new launches increased across most major cities between FY26 and Q1 FY27.
In the National Capital Region, their share increased from 66% to 70%. Bengaluru saw an increase from 53% to 57%, while Pune moved from 45% to 46%.
Hyderabad recorded an increase from 36% to 39%, Chennai from 58% to 60%, and Kolkata from 41% to 43%.
The Mumbai Metropolitan Region also recorded an increase, although the share remains comparatively lower, rising from 24% in FY26 to 26% in Q1 FY27.
This indicates that larger, financially stronger and more organised developers are gradually increasing their presence in the new-launch market.
What does this mean for MMR homebuyers?
The MMR numbers are particularly relevant for Mumbai, Navi Mumbai, Thane and surrounding residential markets.
Listed and Grade A developers accounted for 26% of new launches in MMR during Q1 FY27, up from 24% in FY26.
The increase points to growing participation by organised developers in a market where land costs, construction expenses and regulatory requirements are already high.
For buyers, greater participation by established developers could mean more competition around product quality, amenities, project execution and financing. However, it does not necessarily mean lower prices.
Mumbai’s structural land constraints and sustained demand mean that prices can remain elevated even as the quality and scale of developers improve.
Homebuyers therefore need to evaluate projects on factors such as location, carpet area, all-in cost, possession timeline, MahaRERA compliance, developer track record and the financial viability of the specific project rather than relying solely on the developer’s brand.
The bigger picture: organised housing gaining strength
The FY27 projections point to a broader structural transformation in India’s residential real estate sector.
The market is increasingly shifting towards developers with stronger balance sheets, established brands and the ability to execute large projects at scale.
The post-pandemic housing boom may be normalising, but ANAROCK’s numbers suggest that the underlying demand remains healthy.
The projected 22.3% increase in combined pre-sales among the 11 developers is particularly significant because it comes at a time when home prices have risen substantially and global economic and geopolitical conditions remain uncertain.
The industry therefore appears to be moving from a period of broad-based volume-led expansion towards a more selective, value-led growth phase.
For developers, disciplined launches, careful capital allocation and strong execution will become increasingly important.
For homebuyers, the message is equally clear: demand remains strong, and there may be limited scope for a broad-based correction driven simply by weaker sales. At the same time, the increasing strength of organised developers could provide greater choice and confidence, particularly for buyers who prioritise execution and delivery certainty.
The projected ₹1.82 lakh crore in FY27 pre-sales is therefore more than just a sales target. It is an indicator of how India’s organised residential market is consolidating around financially stronger developers while homebuyer demand remains resilient despite higher prices and a more uncertain global environment.
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