Prestige Estates can move to Rs 175: SP Tulsian

Prestige Estates can move to Rs 175, says SP Tulsian, sptulsian.com.

Tulsian told CNBC-TV18, "If you see Bangalore market, it has grown by 40% in Q1 from April to June. In fact the entire Southern area is moving up quite fast in the real estate market, but Bangalore has been taking the lead. NCR and Mumbai both are lagging behind. "

He further added, "Prestige Estates is a leading developer known for its quality. It has presence in the entire southern India. They have their major presence in Bangalore, about 75% of their projects exist in Bangalore, but they have presence Chennai, Hyderabad, Kochi and in many other cities of southern India."

"They have 33 ongoing projects with area of 36 million. That means each project is of an area of one million square feet which is quite high. They have 33 projects under development with area of 16 million sq ft that means at under development stage they have projects of area of 0.5 lakh sq feet on an average. That is also considered very high."

"Considering the quality name, they always enjoy better realisation, maybe by Rs 200-500 per sq ft. In the recent past, in the last couple of months, many of the projects have been launched. Yesterday, we had news of Puravankara Projects launching the premium residential projects. A week before, we saw Godrej Properties launching. Because of the booming Bangalore market, I think this company will continue will remain in an advantageous position. In Bangalore there are two companies Brigade Enterprise and Prestige Estates who are known for the quality. The share seems to have good upside potential, from here on can move to Rs 175 in next six months also."