The world is facing severe climate crisis which is also putting immense pressure on water resources, posing threat of water scarcity for the future development. Water Neutrality is an emerging concept which could minimize these threats. The concept aims to balance the quantity of water consumed with the amount of water restored or replenished in the same ecosystem. In the urban context, buildings are major consumers of water during construction as well as in operational stages. It is thus essential for the real estate businesses to incorporate water neutrality strategies as part of their business models to enable sustainable urban growth. This paper explores the concept of water neutrality and its practical application in the real estate sector, specifically focusing on developers. The real estate companies have taken various initiatives for reduce, reuse, and offsetting which have been integrated into a water neutrality framework proposed in the study. The framework encompasses all initiatives in a step-wise manner, can guide these stakeholders towards water neutrality and contribute to sustainable urban water management practices. A benchmarking approach is adopted to assimilate the current water sustainability initiatives by developers towards creating a long-term business strategy through the water neutrality concept.