Major Indian real estate developers are experiencing severe cash flow pressures despite improved profitability, as the housing market enters its mid-cycle phase, according to Nuvama Institutional Equities analysis.

In the three months ending December 2021, Macrotech Developers recorded a 24% rise in consolidated net profit to Rs 286.38 crore. According to a regulatory filing, the real estate development company's net profit in the prior year was Rs 231.71 crore.