There was pending litigation between DHFL creditors, challenging the decision to sell 40,000 cr of wholesale loans to PEL at Rs 1. There was a court case, and there has been no news about it for the last nine months. And suddenly, PEL filed cases against the defaulter, as pointed out by @Jay_Shah . Maybe PEL waited for some time to get clarity (and a verdict on their side) before pursuing the cases further for litigation. No one knows; even PEL has not said anything recently, so it might be speculation.
Additionally, the Real estate market is on full steam. For example, DLF sold out their $1 billion luxury project within 72 hours. Also, only selected people are offered the opportunity to view the flats (invitation only). Other projects are also reporting a similar trend.
Anarock is also hinting at the same things.
https://www.youtube.com/embed/gA59aoD0QK8
This means the luxury market in Mumbai, Banglore and NCR is showing higher demand. And this is the market which constitutes more than 80% of PEL lending. Hopefully, this will also help them recover more money than they have budgeted.
The real estate market has been on the upswing for the last 4/5 quarters, but this is when PEL reported record-breaking losses due to more provisions. So it is challenging to think about what PEL will deliver versus what we believe. Hopefully, the worst is behind in terms of provisions, and they will report better performance, but when it comes to PEL, never say never.
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