CLSA - Indiabulls Realestate

CLSA in their report on Indiabulls Real Estate (IBREL), say that it is one of the most aggressive growth stories in the Indian real estate sector. They believe that the company entered the real estate space in 2005 and now boasts of 4,000+ acres of landbank spread across Western, Northern and Southern part of the country. They feel that with US$360m raised through GDR closed on July 3 rd, the company can expand business operations further. The company's first two projects will be concluded in 2008 and SEZ opportunity can provide a big upside to the existing NAV of Rs584/share.