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HDIL launches phase-II of Paradise City, Palghar
HDIL has opened booking for the second phase of its mega township project, Paradise
City in Palghar (W) from December 24, 2010. The project is in close proximity to Palghar
railway station and offers over 20,000 homes at affordable prices coupled with modern
amenities. The first phase involving sectors 1, 2 and 3 of 4,332 flats and 399 shops was
launched on December 10, 2010, with residential units being completely sold out within
two weeks of the launch. The second phase involves shops from Phase I and sectors 4, 5
and 6 with 6,407 flats (340–930sq. ft.) and 320 shops (5,155–7,950sq. ft.) for sale.
HDIL has been able to pre-sell 75% of its residential projects (7mn sq. ft.) launched since
FY2009, thereby providing `5,000cr of revenue visibility over FY2010–12E. In FY2011/12,
HDIL plans to launch new projects of 26mn sq. ft., largely in Mumbai. At the CMP of `191,
the stock is trading at a 52% discount to our one-year forward NAV of `402. Hence, we
maintain Buy on the stock with a Target Price of `302 (25% discount to our NAV).
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