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Morgan Stanley India : Property: Mumbai on Your Desktop - January 2011
What’s in our report: We provide a comprehensive list of 95 prominent projects in Mumbai and
provide readers a perspective on the level of execution per project. As well, we provide aggregate
market dynamics. Our work is focused on greater Mumbai; i.e., within the municipal limits
(Dahisar on the Western suburbs and Mulund on the Eastern suburbs).
Listed players dominate the market: Of the top five players, in volume terms (for ongoing residential projects), four (DB, IBREL, HDIL and OBER; Lodha is the exception) are listed
companies. Non-listed players constitute the tail (five players out of eight) and have on an
average 1.7 msf of ongoing projects. Product offering is also differentiated – listed players
dominate projects with greater than 1msf saleable area (on the order of 14 out of 17 projects),
whereas the non-listed players account for 27 out of 54 projects with saleable area less than 1
msf.
Stock picks: We are buyers in the ongoing stock price correction in the sector, driven by adverse
local macro conditions. OBER (OEBO.BO, Rs244, O) and IBREL (INRL.BO, Rs125, O) deep
discount valuations) are our preferred Mumbai plays. We rate DLF (DLF.BO, Rs264) and SDL
(SOBH.BO, Rs300) Overweight, while we rating JIL (JYPE.BO, Rs71) Equal-weight. See our
published report for more detailed information on the sector.
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