Sector Update: Real Estate

Sector Update: Real Estate
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First Published: Wed, Jul 08 2009. 11 28 AM IST

Updated: Wed, Jul 08 2009. 11 28 AM IST
The Union Budget was disappointing as the expected extension of the Sec 80IB did not happen and the restrictions were introduced to avoid speculation.
Also, the rate of MAT (Minimum Value Added Tax) was increased which will impact HDIL and Puravankara.
We maintain our Underweight rating on the sector given high valuations amidst an expectation of U shaped recovery due to weak property prices and demand (y-o-y) and the weakness in commercial and retail sector.
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First Published: Wed, Jul 08 2009. 11 28 AM IST
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