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Property
DLF
DLF’s present investment property of c.22msf is equally distributed between SEZ and
non-SEZ projects. Futher it is experiencing demand for both types of properties. SEZ
rental income of ~INR5bn would be adversely affected due to the proposed MAT.
DLF indicated it will launch the high-end Mumbai project in the next six months. In
addition, its plans to launch another high-end project of 2msf in Chankyapuri (a prime
location of Delhi) in the next 2-3 years.
Against the target of INR45bn, it has been able to monetize ~INR28bn from sales of
hotel and non-core land properties and refund from state governments since mid-CY09.
It does not have any plan to dilute its equity in the near term.
Only ~50% of DLF’s customers take the mortgage loan for half of the value of property.
DLF is not focusing on buying land in the near term. Recently, it spent ~INR3bn to
purchase a small land parcel to make the existing land bank more contiguous.
Contrary to market expectation, the company experienced a linear relationship between
mortgage rates and property sales.
DLF does not value its land bank, inventory and investment properties using a mark-tomarket
policy. It plans to continue with the percentage of completion method for
revenue recognition under IFRS.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Property
DLF
DLF’s present investment property of c.22msf is equally distributed between SEZ and
non-SEZ projects. Futher it is experiencing demand for both types of properties. SEZ
rental income of ~INR5bn would be adversely affected due to the proposed MAT.
DLF indicated it will launch the high-end Mumbai project in the next six months. In
addition, its plans to launch another high-end project of 2msf in Chankyapuri (a prime
location of Delhi) in the next 2-3 years.
Against the target of INR45bn, it has been able to monetize ~INR28bn from sales of
hotel and non-core land properties and refund from state governments since mid-CY09.
It does not have any plan to dilute its equity in the near term.
Only ~50% of DLF’s customers take the mortgage loan for half of the value of property.
DLF is not focusing on buying land in the near term. Recently, it spent ~INR3bn to
purchase a small land parcel to make the existing land bank more contiguous.
Contrary to market expectation, the company experienced a linear relationship between
mortgage rates and property sales.
DLF does not value its land bank, inventory and investment properties using a mark-tomarket
policy. It plans to continue with the percentage of completion method for
revenue recognition under IFRS.
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