Property Conference. Anand Rathi Institutional Equities' 'India Property Conference' was held in Mumbai over 7-8 Sep '10. It featured 16 listed & unlisted companies; the keynote address was followed by a panel discussion on commercial property. n Key note - Slum-free Mumbai: Myth to Realty - Steps envisaged. The CEO, SRA reiterated government focus on slum rehab in Mumbai, with 0.2m houses under construction (vs. 0.15m delivered). He also highlighted plans to amend some laws in favour of private developer participation in North Mumbai rehab. n Panel discussion - Commercial Property: Road ahead. Commercial recovery can be faster than estimated, given improving transactions, albeit only in certain markets. IT/ITES will remain the most important space absorber, followed by telecom and financial services sectors. Although recovery will be micro-market specific, Bangalore emerges the best-placed for commercial recovery amongst other metros. n Key takeaways. Developers reiterate more focus on execution of projects with continual focus on residential projects as well as reducing debt. Cash-rich companies are acquiring land across city centres and suburbs. Overall, Bangalore is the steadiest market with inventory being delivered and new project launches at lower-than-peak rates. n Interesting stock ideas. We prefer Mumbai developers: HDIL, given de-risking from MIAL project via new residential launches across Mumbai City Suburbs; Ackruti City , with SRS projects getting converted into free-sales, corporate block sales and large PPP project launches in suburbs likely to outperform other micro-markets ( South Mumbai ). Risks: government laws affecting TDR demand; demand slowdown. Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints. Nothing in this article is, or should be construed as, investment advice. |
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