Real Estate Stocks Rally up to 4% Led by Phoenix, DLF, Lodha

Real estate stocks surged on November 3, with several large developers posting solid gains on the back of upbeat quarterly results, strong sales momentum, and positive brokerage outlooks. Shares of Phoenix Mills, DLF, Lodha Developers, and Prestige Estates were among the top performers, lifting the Nifty Realty index by 2.6% to 972.2 in afternoon trade.

The rally reflected growing investor confidence in the real estate sector, buoyed by resilient housing demand, rising project launches, and healthy quarterly earnings despite broader market volatility.

Lodha gains on strong outlook, broker upgrades

Shares of Lodha Developers climbed nearly 3% to Rs. 1,231.6 apiece, their highest level since late September, after receiving positive commentary from leading global brokerages. The momentum came even as the stock remains down around 11.5% so far this year.

Japanese brokerage Nomura maintained a bullish stance on Lodha, assigning a ‘Buy’ rating and setting a target price of Rs. 1,450 per share. The brokerage highlighted the company’s strong business model and consistent execution across micro-markets, which have allowed Lodha to achieve a healthy 20% compound annual growth in pre-sales.

Morgan Stanley also expressed optimism, giving the stock an “Equal Weight” rating with a target price of Rs. 1,400. The global firm noted Lodha’s unique position among Indian developers, citing its vast land bank in Palava and its ability to sustain 20% topline growth guidance.

The positive sentiment follows a strong second-quarter performance. Lodha’s consolidated net profit for the quarter surged 87% year-on-year, while revenue from operations jumped 45%. The results reaffirm the company’s steady growth trajectory, supported by continued demand for its premium and mid-income projects in major cities.

Market analysts say the upbeat brokerage calls signal confidence in Lodha’s ability to maintain margins and leverage its diversified land holdings to drive long-term growth.

Phoenix Mills surges on robust Q2 results

Among the biggest movers of the day was Phoenix Mills, whose shares rose 4% to Rs. 1,750 apiece, their highest level since April. The rally followed the company’s announcement of a sharp improvement in its second-quarter performance, which beat market expectations.

Phoenix Mills reported a 40% year-on-year increase in consolidated net profit, with revenue from operations up 21.5% during the quarter. The strong results came on the back of robust residential sales and steady growth in its retail portfolio.

The company, best known for its premium shopping malls and mixed-use developments, continues to see sustained footfall recovery and rental income growth across its portfolio.

HSBC Securities reaffirmed a ‘Buy’ rating on Phoenix Mills with a target price of Rs. 2,110, noting that the company’s quarterly earnings exceeded expectations due to resilient residential demand and improving operational metrics. Jefferies also remained upbeat, maintaining a “Buy” recommendation and forecasting mid-teen percentage growth in lease income over the long term.

With consumer sentiment improving and retail spaces rebounding post-pandemic, analysts say Phoenix Mills is well-positioned to capitalize on both consumption growth and residential demand. The stock has already gained around 7% this year, reflecting sustained investor faith in its long-term potential.

DLF rises on blockbuster sales in luxury housing

Shares of DLF Ltd jumped 3.4% to ?782 apiece after the company reported record sales from its latest super-luxury housing project, The Dahlias, in Gurugram.

The developer has sold 221 units in the project so far, amounting to nearly Rs. 16,000 crore in total sales value, underscoring the strength of demand in the high-end segment. The project, launched in October last year at DLF Phase 5, spans 17 acres and includes 420 apartments and penthouses.

According to the company’s latest investor presentation, The Dahlias has already achieved sales bookings of Rs. 15,818 crore as of the September quarter. DLF executives confirmed that the average price per apartment was around Rs. 72 crore which is one of the highest in the Indian luxury housing market.

In one of the most high-profile transactions, a Delhi-NCR businessman recently bought four apartments spanning 35,000 sq. ft. for ?380 crore in the same project.

The project’s success has been central to DLF’s record pre-sales of Rs. 21,223 crore in FY25, well within the company’s guidance range of Rs. 20,000– Rs. 22,000 crore. In the first half of the fiscal year alone, DLF clocked Rs. 15,757 crore in sales bookings, more than doubling from Rs. 7,094 crore a year earlier.

On the financial front, DLF’s consolidated net profit for the September quarter fell 15% year-on-year to Rs. 1,180.09 crore, while revenue from operations dropped to Rs. 1,643.04 crore from Rs. 1,975.02 crore in the same period last year. However, total income rose marginally to Rs. 2,261.8 crore due to higher other income.

Despite the dip in profit, the company remains on track with its sales and delivery commitments. Analysts believe DLF’s consistent performance in the premium housing space reaffirms its dominance in the NCR luxury segment.

Broader outlook remains positive

The latest rally in real estate shares reflects the broader optimism around India’s housing and commercial property markets. With steady mortgage rates, rising disposable incomes, and limited inventory in premium locations, developers have been able to sustain growth momentum even in a high-cost environment.

Brokerages expect this trend to continue, particularly for companies with strong balance sheets, diverse project portfolios, and execution credibility.

The Nifty Realty index has been among the best-performing sectoral indices in 2025, driven by a steady stream of project launches, record pre-sales, and increasing institutional interest in property assets.

Analysts say the sector’s fundamentals remain strong, with the next growth phase likely to be driven by urban demand in top-tier cities and sustained interest in luxury and mid-income housing.

As the recent rally shows, investors are increasingly rewarding developers that combine scale with financial discipline and consistent delivery, something the likes of DLF, Lodha, and Phoenix Mills have demonstrated across market cycles.