Orbit Corp is all set to witness huge gains from Kalina land deal as the development cost is estimated to be around Rs 150 cr, which would reap in huge profits.
Buy Orbit Corporation Ltd CMP Rs. 41.10
Orbit Corporation Ltd (OCL), incorporated in the year 2000, is a construction and real estate developer, primarily focusing on redevelopment of existing properties. The company specializes in developing, designing and managing high-end residential and commercial properties. The business model of OCL is to acquire land or dilapidated buildings in Mumbai and convert them into premium commercial properties or residential complexes.
OCL has 16 re-development projects in Mumbai with approximately 1.1mn sq.ft of developable area. According to estimates, there are 16,000 old and depleted buildings in Mumbai, giving huge market opportunities to the company. On account of low acquisition cost is low in redevelopment projects; the company enjoys healthy margins as it mainly operates in redevelopment under development control regulation schemes.
The company is redeveloping its Kalina property to be completed and handed to the Jindal group by March 2009 for Rs 807 cr. This is one of its massive projects and land for the same was acquired from Ambuja Cements for Rs 330 cr only. The company is all set to witness huge gains from this deal as the development cost is estimated to be around Rs 150 cr, which would reap in huge profits.
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