As for Unitech Ltd, India's second largest developer by market value, analysts estimate an average 22.6% year-on-year rise in its third quarter revenue to Rs600 crore and a 38.2% increase in net profit to Rs188 crore.

Over the second quarter, profit and sales may have risen by 22.44% and 36.64%, respectively. The company's Ebitda (earnings before interest, taxes, depreciation, and amortization) margins may, however, decline owing to higher contribution from mid-income housing projects, brokerage Motilal Oswal Financial Services Ltd said in a recent report.

Nomura Financial Advisory and Securities Indian Pvt. Ltd points out in a 4 January report that with a targeted focus and sale volumes of 20 million sq. ft in the current fiscal, Unitech will continue to generate high volumes through its affordable projects.

Housing Development and Infrastructure Ltd (HDIL), India's third largest realty firm, is estimated to post a net profit of Rs193.1 crore on a revenue of Rs411 crore--a rise of 4.4% and 31%, respectively, over a year ago, as per an average of two analysts' forecasts.

HDIL's revenue is likely to be driven by the sale of transfer of development rights (TDR) and land, said Kejal Mehta, an analyst with Prabhudas Lilladher Group.

Slum TDR is a tradable paper issued by state governments in exchange for free development of slums by builders, who use the paper to develop other sites.

HDIL will announce its results on 20 January.

Analysts also expect the debt levels of real estate firms to reduce further. For most realty firms, their debt-equity ratio has improved after they successfully raised and repaired balance sheets.

Unitech, for example, has raised almost $1 billion (Rs4,570 crore) in equity through two qualified institutional placements, issues and warrants, enabling a repayment of Rs2,400 crore of loans.

DLF, on the other hand, will see its debt increase by Rs2,200 crore to Rs16,200 crore following the DAL merger.