Hi Nikunj,
I have considered only completed projects plus ongoing residential projects. On top of it, discounted the value by 20%.
Have not considered ongoing commercial projects: Estimated project margin of 485 crores
Sunteck Crest, Andheri (E)
Sunteck Icon, BKC
Sunteck Gateway 51, BKC
Potential equity value from commercial and retail project (5th Avenue): ~Rs. 5,250 crores. Potential from Sunteck World - 3350 crore.
Sunteck has revenue visibility in terms of projects on its hand. Upcoming projects like Naigaon, Vasai and Vasind are targeting affordable housing segment. Company has moved from High Value Low volume units to Good value high volume units (less than 1 crore) given the demand for the segment.
Below is the PB chart for RE players(10 year period). On an avg, RE players have traded at ~2 times bookvalue.
