Rajeev Talwar, ED, DLF says the finance minister seems to be responding to the realty sectors woes and that this move will give big boost to affordable housing.
FDI conditions are relaxed further it would mean an excellent incentive for FDI to flow into the real estate sector. I think finance ministry is bang on the dot.
Rajeev Talwar
ED
DLF
Rajeev Talwar, ED, DLF and Irfan Razack CMD, Prestige Group while giving a thumbs-up to government's move to relax foreign direct investment norms into construction say this may bring in significant foreign capital into the sector.
Talwar says the finance minister seems to be responding to the sectors woes and that this will give big boost to affordable housing.
Razack also expect to see a lot more affordable housing development in the country now.
Below is the transcript of Rajeev Talwar and Irfan Razack's interview with CNBC-TV18's Shereen Bhan and Nayantara Rai.
Shereen: How significant is this move? This is something that the industry has been waiting for the last couple of months. The cabinet seems to have taken the decision what is this going to mean for your sector?
Talwar: The finance minister is doing exceedingly well and responding to the sectors absolutely promptly. This means a lot of FDI to come in. As they said on completion the money can flow out which will be really an asset based creation. So, I think he is absolutely right on dot for what is required for the sector.
Till recently if 30 percent of the area is devoted to affordable housing it will mean further relaxation even that would be excellent. As it is in Delhi by mandate, by statute we provide 15 percent of area of any group housing for affordable housing. If it is doubled to 30 percent and then FDI conditions are relaxed further it would mean an excellent incentive for FDI to flow into the real estate sector. I think finance ministry is bang on the dot.
Nayantara: You mentioned about affordable housing, this is something that everybody is always a little confused about. There are different definitions of affordable housing. You talk to the ministry of housing it has got one definition, the RBI has got another definition, how do you expect this to actually pan out and do you think developers like yourself which have stayed away from affordable housing because it is a low margin business that they are going to enter this space?
Talwar: The bulk of demand in India is going to be in this segment which is affordable housing. Let us take it up to 1000 square feet from anywhere, from 400 square feet to 1000 square feet or 1200 square feet if that gets covered up and gradually it will, it will solve the big problem in India of providing a house and a roof over every citizen.
I think this is going to be an area which will see a huge investment inflow.
DLF stock price
On October 27, 2014, DLF closed at Rs 118.15, up Rs 6.85, or 6.15 percent. The 52-week high of the share was Rs 242.80 and the 52-week low was Rs 100.00.
The company's trailing 12-month (TTM) EPS was at Rs 2.52 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 46.88. The latest book value of the company is Rs 93.40 per share. At current value, the price-to-book value of the company is 1.26.
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