Real estate companies in India

Realty sits inside the Consumer Discretionary macro-economic sector of NSE's classification, which places a company by the business that earns more than half of its revenue. It has one industry, Realty, with three basic industries: residential and commercial projects, real estate services such as agents, leasing and property data, and real estate investment trusts (REITs). REITs are trusts, not companies, and this page lists companies only. Builders of roads, bridges and dams are classed under Construction.

A developer buys land, gets approvals, builds, and sells units, often before they are finished. Sales bookings are counted when buyers sign, but profit in the results follows accounting rules that recognise revenue as construction progresses or on handover, so bookings and reported revenue can differ by several quarters. Cash flow also swings with land purchases, which come in large lumps. Rental companies earn a steady lease income instead, from tenants on multi-year contracts.

The Real Estate (Regulation and Development) Act, 2016, known as RERA, came fully into force on 1 May 2017. A project with a plot over 500 square metres or more than eight apartments must be registered with the state RERA authority. The developer must keep 70% of the money collected from buyers in a separate bank account and use it only for that project's land and construction costs.

Home loan rates affect what buyers can pay and so how fast units sell. Developers also carry borrowings of their own, so the interest they pay moves their profit. State governments set stamp duty and registration charges on property sales.

Market cap is the share price times the number of shares. P/E is market cap divided by the last four quarters' profit, and P/B is market cap divided by net worth attributable to the company's own shareholders. The page shows the median of each, the middle value, so one very large or very small company does not move it. ROCE is operating profit after depreciation, leaving out other income and one-off items, divided by net worth plus borrowings. It does not count lease liabilities.

Only companies whose shares traded on the latest trading day are listed. The quarterly charts leave out a quarter until at least 60% of the sector's companies have filed it. The page also links Nifty Realty, which holds 10 of the sector's stocks chosen from the Nifty 500 by free-float market cap, and BSE Realty.