DLF gets Rs 676 crore refund from DDA after settling disputes
Feb 11, 2014
Source : The Economic Times


DELHI: Realty firm DLFBSE -0.42 % today said it has received a refund of Rs 675.81 crore from DDA following the scrapping of a project to develop an international convention centre in the national capital.

In July 2007, DLF had bagged Rs 6,000 crore contract from DDA for constructing the convention and exhibition centre at Dwarka.

However, the project got scrapped. DLF would now return the 35 acre land that it had got from DDA for Rs 900 crore to develop this project. The realty firm would get a refund of Rs 675.81 crore from the DDA.

In a filing to the BSE, DLF said: "The company has entered into a settlement with Delhi Development Authority with respect to the agreement for allotment of land for setting up an International Convention and Exhibition Centre Project at Sector-24, Dwarka, New Delhi".

Accordingly, said the filing, the company has "received a refund of Rs 675.81 crore from DDA as full and final settlement, after forfeiture of the earnest money in terms of the settlement agreement.

"With the above settlement, all claims of both the parties inter-se relating to the above land shall stand settled."

DLF had planned to develop a large convention centre, three hotels and commercial complexes in this project, which was to be completed before 2010 Commonwealth Games.

However, the project could not take off because of the legal tussle with the DDA over DLF wanting to rope in some foreign partners to execute this project.

Yesterday, DLF announced sale of its luxury hospitality chain Amanresorts for $358 million (about Rs 2,200 crore).

The funds raised through sale of Aman resorts and the refund from DDA would be utilised largely to reduce the net debt that stood at Rs 19,508 crore at the end of the September quarter.

DLF had set a target to reduce the debt to Rs 17,500 crore by March this year and the same could be easily achieved now.



Latest Realty News

Realtors seek tax breaks for home buyers, builders to beat sluggish demand
Feb 11, 2014
DELHI: To beat a sluggish demand, real estate developers have sought tax breaks for home buyers and builders that could help boost sales as well as speed up new launches.
Intellectual property rights: US set to punish India
Feb 11, 2014
DELHI: It's not looking good between New Delhi and Washington. Tensions over the Khobragade episode are yet to fully dissipate, but the two sides are locking horns again over intellectual property rights. The Obama administration is scheduled to announce unspecified ''trade enforcement action'' against India on Monday evening (Tuesday am IST) Washington time.
DLF to get Rs 700-crore refund from DDA
Feb 11, 2014
DELHI: Realty major DLFBSE -0.49 % will get a refund of around Rs 700 crore from the Delhi Development Authority (DDA) for returning a 35-acre plot of land it had acquired in 2007 in Dwarka to build a convention centre, a senior company executive said.
DLF may not gain much from stake sale in Aman Resorts
Feb 11, 2014
DELHI: The stake sale in Aman Resorts may not have a significant impact on the earnings of real estate developer DLF. Despite several asset sales in the past, DLF's stock has halved in the past one year due to the company's weak operational and financial performance.
Gurgaon: Sector’s growth engine in the NCR
Feb 11, 2014
DELHI: Investments in real estate have been one of the greatest wealth builders in history. However, such investments have to be well gauged and thoroughly researched, a report by DTZ says. Over the years, a few micromarkets in the Delhi NCR have emerged as destinations for future investments, which are not only providing relative affordability but are also undergoing significant transformations owing to infrastructural development, improving connectivity, and the potential to attract real estat
Haryana approves RIL’s quitting Gurgaon SEZ
Feb 10, 2014
CHANDIGARH: Haryana government today approved Reliance Industries’ proposal to opt out of SEZ in Gurgaon and said it will reimburse Rs 343 crore to it, lower than Rs 1,172 crore demanded by the company, for taking back the land.
More properties go under hammer as borrowers under stress: Assocham
Feb 10, 2014
DELHI: An increasing number of properties and assets mortgaged to lenders are going under the hammer due to non-payment of loans, a study by Assocham has found. “Visibly, the sale and possession notices appear more for the small-sized assets mortgaged for loans which have gone bad. The stress seems more in small-sized manufacturing units,” the study paper said.
Noida Extension flat owners express concern over Allahabad High Court ruling
Feb 09, 2014
GREATER NOIDA: With the Allahabad High Court recently asking the authorities to return land acquired at Patwari village to its original owners, the Noida Extension Flat Owners Welfare Association (NEFOWA) today expressed its concern over the development.
Indian economy to grow at 4.9 percent in 2013-14
Feb 08, 2014
DELHI: The Indian economy is expected to grow by 4.9 percent in the financial year ending March 31, 2014 as compared to 4.5 percent expansion recorded in the previous year, government data showed Friday.
Services sector contracts for 7th straight month: PMI
Feb 08, 2014
DELHI: In January, India’s services sector contracted for a seventh consecutive month, showed the HSBC Purchasing Managers’ Index (PMI).

Latest Realty News Of State

Realty Talk's