Sell Unitech, target of Rs 25: IIFL
IIFL has recommended a sell rating on Unitech with a target price of Rs 25 in its February 19, 2009 research report. “We visited Unitech’s slum redevelopment project at Santa Cruz in Mumbai. Though the company indicated that the pace of receiving consents from encroached families has increased considerably, redevelopment efforts are proceeding at a slow pace.
Only 450 families have been rehabilitated till date and we found very few construction workers at the site.
Unitech will start construction of the 1million sq ft contracted with Lehman Realty Fund by July 2009. We reckon the area contracted with Lehman will be ready only by FY13. Apart from the Santa Cruz project, Unitech has necessary approvals in place and has cleared encroached areas in five other projects in Mumbai that it plans to launch at attractive prices when the demand environment shows signs of revival. Sell, target price of Rs 25,” says IIFL’s research report.
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