Lauding the central government's decision yesterday to ease foreign direct investment norms for construction, Sujay Kalele, Group CEO of Kolte-Patil Developers, said the policy measure would be a big boost to the real estate sector.
There are issues related to delays in clearances, lack of infrastructure, etc. Once these are sorted out, we will have more grip on time and cost
Sujay Kalele
CEO
Kolte-Patil Developers
Lauding the central government's decision yesterday to ease foreign direct investment norms for construction, Sujay Kalele, Group CEO of Kolte-Patil Developers , said the policy measure would be a big boost to the real estate sector.
In view of depleting FDI inflow in construction and real estate sector in last couple of years, the Cabinet decided to reduce the minimum floor area to 20,000 sq mt from the earlier 50,000 sq mt. It also brought down the minimum capital requirement to USD 5 million from USD 10 million. In case of development of serviced plots, the condition of minimum land of 10 hectares has been completely removed, an official statement said.
Kalele pointed out to one of the relaxations in which the government eased the three-year lock-in period and said it would help bring more investments into the sector.
However, Kolte-Patil is not present in the affordable-housing segment, he said, adding that it still faced issues affecting supply side such as delays in clearance, lack of infrastructure in the outskirts of metros, where most such projects are located. "Once these are sorted out, we will have more grip on time and cost."
Kolte-Patil stock price
On October 30, 2014, at 14:15 hrs Kolte-Patil Developers was quoting at Rs 189.40, up Rs 1.50, or 0.80 percent. The 52-week high of the share was Rs 198.00 and the 52-week low was Rs 70.90.
The company's trailing 12-month (TTM) EPS was at Rs 5.18 per share as per the quarter ended September 2014. The stock's price-to-earnings (P/E) ratio was 36.56. The latest book value of the company is Rs 99.56 per share. At current value, the price-to-book value of the company is 1.90.
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