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Financial services company JM Financial has maintained a "buy" call on real estate developer DLF.

Accordingly, the target price has been pegged at Rs 450 per share, implying a 34 per cent upside by March 2023, as against its current price of Rs 333.

According to a note by JM Financial, DLF continues to offer a lot of visibility backed by broad-based momentum in the residential business, significant expansion plans in DLF Cyber City Developers, monetisation of land banks, and a possible REIT listing.

"Given the detailed plans laid out by DLF at its recent analyst meet, we try and estimate a possible blue-sky scenario for the company," the note said.

Possible triggers for the company's stock include substantial business development in the residential business especially in Mumbai region and Noida), besides firming up of capital expenditure plans in Gurugram.

"We continue to like DLF's strong market positioning backed by steady annuity cash flows and fully paid-up land banks, and feel that it remains extremely well placed to scale up across segments," the note added.

So far in calendar year 2022, the shares of the real estate major declined over 15 per cent, data showed.

In the past 12 months, investors accumulated 12 per cent gains on a cumulative basis.