T
he collective net debt of India's top eight listed real estate developers has decreased significantly over the past five years. As of Q1 FY 2025, their combined net debt stood at approximately ₹20,808 crore, down from ₹44,817 crore in Q4 FY2019. This reduction is largely attributed to increased property sales and a surge in booking values.

    DLF Ltd. and Kolte Patil have seen substantial declines in their net debt, with DLF experiencing a 165% drop and gaining surplus cash of ₹2,896 crore. Lodha Developers reduced its net debt by 83%. The top eight listed players - Sobha Ltd., Puravankara Ltd., Prestige Estates, Mahindra Lifespace Developers Ltd., Godrej Properties Ltd., DLF Limited, Kolte Patil, and Lodha Developers (Macrotech) - have reported a significant rise in sales revenue.

    Their net debt has decreased by over 54% from the previous peak in FY2019. While some players saw their net debt increase due to aggressive expansion across geographies, others experienced a decline due to increased booking values. The top eight listed players' collective booking value rose by 234% between FY2019 and FY2024, reaching ₹90,573 crore. In Q1 FY2025 alone, their booking value was nearly ₹26,832 crore, accounting for 99% of the total value in FY2019 and 30% of the total value in FY2024.