Table of Contents
Liquidity driven upgrade in NAV & TP ............................................ 3
Improving liquidity to the cash-starved realty sector.................................................................3
But demand pick-up still seems further away ................................ 7
Maintain estimates, upgrade TP; Ratings and Risks .................... 10
Maintain major assumptions and estimates; improving liquidity forces us to upgrade NAV &
TP...........................................................................................................................................10
Ratings...................................................................................................................................11
Upside risks ............................................................................................................................12
DLF.................................................................................................... 13
Indiabulls Real Estate...................................................................... 16
Unitech ............................................................................................. 19
Puravankara Projects....................................................................... 22
Sobha Developers............................................................................ 26