Small real estate players in much better shape

With the real estate market facing severe stresses in the current scenario,small,regional builders are in much better shape than the established,national level builders like DLF, UNITECH, Indiabullls, Shobha, Godrej etc.
Small players like Thakkers developers (Nashik), Vijay Shanti (Chennai), Ganesh housing (ahmedabad), Kolte patil (pune and bangalore) and Oberoi realty are in much better shape and have better balance sheets to show.
While most of the big players were spreading their operations nationally,these small players were only playing in their area of expertise.Whereas DLF realty has a debt of 22700 crore,Oberoi Realty has zero debt in its books.Behind Metals,Real estate stocks have been the worst performers in the past year.
Real estate all over the world is a very localized business,with only the brave venturing out of their territory.
This fact has been proven once again.
Amongst the smaller players,Ganesh housing and D.S.Kulkarni have the highest debt on their books at 1.6 and 1.4 times their net sales.

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