India, Sept. 29 -- Real estate is one of those sectors where a strong sales number doesn't always mean cash in the bank. Money comes in slowly as buildings get built, while land and construction bills come first. So when a big developer talks about growing fast and cutting debt at the same time, investors want to know which one wins when things get tight. Let's look at how that balance is shaping up.

With a market capitalisation of Rs. 49,500 crore, Godrej Properties is currently trading at Rs. 1,643 per share, down 2.10% from its previous closing. Stock trades at a PE of 30.60 compared to the industry PE of 25.10.

Sales Are Strong, Cash Is Not Yet Godrej Properties booked sales worth Rs8,651 crore in the June quarter, up 22% from last...