Prestige Estates a good bet, says Advani

Prestige Estates is a good bet in real estate space, says Pashupati Advani, NBIE.

Advani told CNBC-TV18, “The thing about Bangalore real estate is that it responds whenever the technology market moves and since we have had a good run in all the technology stocks starting with Infosys that tends to get people to come out and buy real estate. I actually do not understand why Bangalore real estate is where it is, but I guess it does follow that trend and we do have IT sort of pulling the market.”
He further added, “My favorite out of that lot seems to be Prestige Estates which I think has kind of chugged along nicely. Whether you are going to buy one of them or all of them it is probably a good basket to be in.”
“There are people who still believe in buying the government stocks and there are some Indian institutions also who have been gently selling to make room for them. At the end of it all if they are able to buy a stock at a discount to the market or maybe at the market in large blocks it is a great advantage. The stocks that the government is offering are all attractive. So I think that this Offer for Sales will go through. It would be nice if retail participate, because I think that if they participate in a good way then with the new scheme of people putting in Rs 50,000-100,000 and getting some exemption I think that if they manage to get retail to participate in these it will be good for the market in the long-term.”