Motilal Oswal has maintained a neutral rating on Indiabulls Real Estate, with target of Rs 261, in its report dated November 4, 2009. The stock closed at Rs 250.90 on November 9, 2009.

"We have upgraded our NAV for Indiabulls Real Estate to Rs 261/share v/s Rs 182/share earlier, primarily to account for value from the power vertical. Our NAV does not include potential upsides from (i) additional ~1.5msf development at the Mumbai projects, and (ii) potential value addition from the Mantralaya re-development project. IBREL trades at 1.2x FY11E BV of Rs 206 and 4% discount to FY11E NAV of Rs 261/share. We expect IBREL to trade at NAV. Maintain Neutral," says Motilal Oswal report.

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