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Real estate stocks climbed up to 4% on November 3, led by Phoenix Mills, DLF, Prestige Developers, and Lodha. The Nifty Realty index advanced 2.6% to 972.2 in afternoon trade. Here are the key drivers behind the sector rally: 1. Bullish outlook on Lodha Lodha shares rose nearly 3% to Rs 1,231.6 — their highest level since September 22 — after strong analyst commentary and robust Q2 performance. Nomura reiterated a Buy rating with a Rs 1,450 target, citing a strong business model and deep market penetration enabling 20% pre-sales CAGR. Morgan Stanley maintained Equal-Weight with a Rs 1,400 target, noting Lodha’s ability to guide for 20% topline growth supported by a large land bank at Palava. The developer reported an 87% YoY jump in Q2 consolidated net profit, with revenue up 45% YoY. The stock is down 11.5% year-to-date. 2. Strong Phoenix Mills earnings Phoenix Mills surged 4% to Rs 1,750 — its highest since April — after posting a 40% YoY jump in Q2 consolidated profit and a 21.5% rise in revenue. HSBC reiterated Buy with a Rs 2,110 target, citing improving core operations and strong residential performance. Jefferies also maintained Buy, expecting sustained mid-teens lease income growth. The stock is up 7% so far this year. 3. DLF gains on luxury sales momentum DLF jumped 3.4% to Rs 782 after announcing it has sold 221 units worth nearly Rs 16,000 crore in its ultra-luxury project ‘The Dahlias’ in Gurugram. Launched last year, the 17-acre project includes 420 luxury apartments and penthouses. Average unit price stands at Rs 72 crore, with recent marquee transactions including a Rs 380-crore deal for four apartments. DLF has already logged Rs 15,757 crore in pre-sales in FY26 (April–September), on track toward its Rs 20,000–22,000 crore guidance. Q2 consolidated net profit, however, declined 15% YoY to Rs 1,180 crore amid lower revenue at Rs 1,643 crore. Despite softer quarterly earnings, management said housing demand remains resilient, supported by a strong economy and preference for branded developers.
