The Supreme Court passed an order on Thursday to free private forest land for realty projects, thereby paving the way for numerous realty deals in Mumbai.
This move will give a much needed boost to Mumbai-based realty firms like Oberoi Realty. This order means Oberoi’s Mulund project will now see fruition. The project, worth 3.3. million square feet, is likely to add Rs 5000 crore to the company’s topline.
Morgan Stanley says the project should contribute nearly Rs 1200 crore on nearly Rs 39 per share to Oberoi’s net asset value (NAV). Macquarie is maintaining its out-performer rating with a target price of Rs 234 per share and the Worli’s official launch will be the next trigger to watch out for Oberoi.
According to Edelweiss Financial Services, the company's NAV contribution will be Rs 910 crore on 10 percent and it has a target price of Rs 264 per share. This clearance is a significant move. It means that the launch will happen sooner than later now with a clear visibility coming in. However, all the brokerages are saying that the stock should add anywhere between Rs 30-40 per share on NAV basis going ahead and its Worli project will be the next trigger.
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