Indiabulls Real an underperformer: HDFC Securities
HDFC Securities has maintained its under performer rating on Indiabulls Real Estate in its February 27, 2009 research report. The Q3 FY 09 results of Indiabulls Property Investment Trust (IPIT) reveal the weak leasing environment for commercial properties in India. The only positive to emerge from IPIT’s results is a fund of Rs 3.8 billion it raised. This will help complete the One Indiabulls Centre, where rents have not started coming. However, there has been no further update on the leasing status of the properties.”
“We expect leasing at One Indiabulls Centre to be slack and occupancy rentals to be in the range of Rs 120-150 psf. Therefore, we do not expect IBREL (through its interest in IPIT as the Sponsor and Trustee Manager) to get any significant revenues from these properties in FY 10. The long gestation period of the power projects and limited visibility on their execution skills continue to cause concern. We maintain our Underperformer rating on the stock,” says HDFC Securities’ research report.
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