Massive revenue shock for 9 real estate companies in India

The companies impacted are Godrej Properties, Prestige Estate Projects, Brigade Enterprises, DLF, Indiabills Real Estate, Phoenix Mills, Sobha, Mahindra Lifespace and Puravankara. Why were they hit? The adoption of new accounting standard IndAS has dented the net worth of nine major listed real estate firms by 18% and revenues by 23.6%