Hold Godrej Properties; target of Rs 486: Axis Direct

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Axis Direct's research report on Godrej Properties

Godrej Properties Ltd (GPL) has booked pre-sales of Rs 9-10 bn in April 2017 driven by launch of 3 projects – The Trees Origins (Vikhroli), Godrej Golf Links (Greater Noida) and Godrej 24 (Pune). Further, the management expects the momentum to continue in FY18 driven by its strong launch pipeline despite potential disruption from implementation of RERA (Real Estate Regulatory Act).

Outlook

Amidst the expected consolidation in the sector post RERA, we believe, GPL can take its operations to another level driven by polarization of demand towards reputed developers. However, due to rich valuations (P/B of 5x vs. 2-3x for its peers), we believe, the stock is fairly priced from a 1-year perspective. Maintain HOLD.

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