KOTAK SECURITIES-IVR PRIME URBAN
Kotak Securities has initiated coverage on IVR Prime Urban Developers (PUDL) with the price target of Rs 600 Cr.It has expected PUDL to benefit from pan-India construction bandwidth and brand recognition of IVRCL (parent company) over the past five years.
IVRCL has executed more than 15-million square feet of real estate projects comprising mainly townships and residential developments as well as commercial developments.With 75-million square feet of saleable area, PUDL is ideally positioned to participate in the strong growth we expect in South India’s real estate sector.
A large part of land reserves is in Sriperumbudur near Chennai, where we expect the number of people employed to rise to 180,000 in four years from 10,000 at present.
