Residential sales across India's top seven cities hit a new peak in the last year, with a strong buyer demand for branded developers. The top eight listed real estate companies saw remarkable sales growth, significantly reducing their debt. DLF Ltd. achieved a 165% debt reduction, gaining surplus cash of INR 2,896 crore, while Kolte Patil reduced debt by 107%, with INR 37 crore in surplus cash. Lodha reduced its net debt by 83%. The collective booking values for these companies jumped 234%, from INR 27,144 crore in FY2019 to INR 90,573 crore in FY2024, according to investors.
Residential real estate sales have reached a new high across India's top seven cities in the past year, with buyer preferences increasingly shifting towards projects by branded developers. This trend has significantly boosted the sales and financial health of the country's leading real estate firms, particularly the top eight listed players, who have enjoyed stellar performances across their projects.
Among the top performers, DLF Ltd. and Kolte Patil have made the most remarkable strides in reducing their overall debt burdens. Between Q4 FY2019 and Q1 FY2025, DLF Ltd. achieved an astounding debt reduction figure of over 165%, thanks to a cash surplus of INR 2,896 crore. Kolte Patil also followed suit with an impressive 107% debt reduction, aided by a cash surplus of INR 37 crore. Lodha Group also saw substantial improvement, cutting its net debt by 83% during the same period.
This significant debt reduction is largely attributed to the surge in booking values witnessed over recent quarters. According to the companies' investor presentations, the top eight listed developers reported a combined booking value of INR 27,144 crore in FY2019. By FY2024, this figure had soared to approximately INR 90,573 crore, reflecting a staggering 234% increase over the period. The momentum has continued into the current financial year, with Q1 FY2025 alone registering a collective booking value of INR 26,832 crore-nearly 99% of the total booking value recorded in FY2019. Even more impressively, this represents 30% of the total booking value for FY2024, with three quarters still remaining in the ongoing financial year.
This data underscores the robust demand for branded residential properties, bolstering the financial performance of top developers and positioning them well for further growth. As sales figures continue to climb, these companies are set to benefit from strong market dynamics in the months ahead.
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