Near term outlook: Whilst the game changer augurs well for balance sheet and leaves scope for office asset expansion in newer geographies, residential business remains dull. Any meaningful acceleration in nearing completion residential inventory of Rs 145bn will lead to further re-rating. We maintain NEUTRAL. Much awaited Game Changer happens finally, with GIC buying out DLF promoter stake in DCCDL. Post the Promoter and QIP fund infusion of ~Rs 130bn, DLF net D/E will reduce from current 1.05x to 0.31x. The interest cost will reduce to less than half from current annual run-rate of Rs 30bn/yr. Deal values stake sale to GIC at an Enterprise Valuation of Rs 356bn and Equity Valuation of Rs 302bn. Deal valuation is higher than our estimate of Rs 263bn. The implied cap rate post deduction of the FSI value of under development assets is 8.4%.