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| DLF, Indiabulls Real Estate Have Biggest Decline (Update1) |
By
propertiesmls |
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DLF Ltd., India’s biggest developer, and Indiabulls Real Estate Ltd. fell the most since their trading debuts last year on concern over property prices.
DLF, based in New Delhi, slumped 15 percent on the Bombay Stock Exchange and Indiabulls Real Estate plunged 13 percent.
Goldman Sachs Group Inc. said Indiabulls Real Estate’s stock may decline by 13 percent in a year as the property market cools, exacerbating concerns about management. The government also today reiterated plans to tighten regulation of the industry to curb excessive spikes in property prices.
“Many investors are bearish on real estate values and hence the stocks have become an easy sell,'’ said Chirag Negandhi, lead analyst at Enam Securities in Mumbai. “Also, the markets are in the midst of global uncertainties.'’
Indiabulls Real Estate’s diversification into retail malls, houses, special economic zones and power generation may not protect the company’s earnings from a possible property slowdown, Goldman said in a report.
“Visibility on a number of Indiabulls’ initiatives is low and it does not have a track record in retail and residential development,'’ it said.
Indiabulls Real Estate was rated “sell'’ by Goldman analysts Vishnu Gopal and Shruti Gandhi as the brokerage initiated coverage.
New Laws
The 14-member Bombay Stock Exchange Realty Index fell 46 percent since its Jan. 14 peak, outpacing the 26 percent decline in the benchmark Sensex index in the same period. The property benchmark slumped 12 percent today after the government said it plans to introduce new legislation for the sector.
“The government is considering the formulation of a Real Estate Management (Regulation and Control) Bill, which will be applicable to the National Capital Territory of Delhi,'’ Minister for Urban Development S. Jaipal Reddy said in a written reply to a question in parliament in New Delhi today.
Commercial and residential property prices have more than doubled in the last two years in the capital New Delhi, including areas like Golf Links and Friends Colony, according to Cushman & Wakefield Inc.
DLF fell 105.95 rupees to 606.75 rupees. Indiabulls Real Estate declined 73.95 rupees to 494.15 rupees, and Housing Development & Infrastructure Ltd. fell 13 percent, or 92.1 rupees, to 616.4 rupees.
For More Information Visit: http://www.propertiesmls.com
and http://www.indiarealestateblog.com
and http://www.propertyvertical.com
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