DLF received a good response for its residential projects launched in Bangalore, Hyderabad, and Delhi over the last few months.
In Delhi, the Company managed to sell all 1,356 units launched on the first day itself. This reflects positive movement on the residential demand front, as customers are showing interest at the ‘right price points’.
The key to success in the prevailing difficult times is the ability to adjust the business model in line with the market conditions.
We believe that DLF has been moving in the right direction by focusing on the mid-income and affordable housing segments while softening its launches in the commercial and retail segments, which are likely to take another 6–9 months to witness a marked improvement.
With a revised target price of Rs365 per share, we upgrade our rating to BUY.
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