DLF sales bookings up 46 per cent to Rs 3,760 crore in April December
Feb 24, 2014
Source : The Economic Times

 

DELHI: Realty major DLF's sales bookings rose 46 per cent to Rs 3,760 crore during April-December period of this financial year despite a slowdown in the real estate market.

The company had sold properties worth Rs 2,575 crore in the year-ago period.

"Our sales bookings have grown significantly because of successful launch of high value project 'Crest and Camellias' in DLF Phase-V Gurgaon in the initial 4-5 months of current fiscal," DLF Chief Financial Officer (CFO) Ashok Tyagi told PTI.

In the first quarter of 2013-14, DLF's sales booking stood at Rs 2,430 crore but the same fell to Rs 730 crore and Rs 600 crore in the subsequent two quarters.

For the entire last fiscal, sales bookings stood at Rs 3,815 crore.

Tyagi said sales have been affected due to high interest rates and slowdown in the economy, adding that he expects the adverse economic conditions to continue till September this year, resulting in muted sales of real estate products.

On debt, he said the net debt would be in the range of Rs 17,500-18,000 crore in the short-term.

DLF has reduced its net debt by over Rs 2,500 crore to Rs 17,400 crore with the help from sale of non-core assets.

Asked about finance cost, Tyagi said: "Amanresorts deal and refund from DDA have happened this quarter only. So there will be a reduction in interest cost from next fiscal."

At present, the company is incurring about Rs 600 crore a quarter as finance charges. Recently, DLF sold Amanresorts for USD 358 million (over Rs 2,200 crore) and also settled the dispute with the Delhi Development Authority (DDA) on the Dwarka Convention Centre project with a refund of Rs 676 crore.

The company booked a pre-tax loss of Rs 400 crore in the settlement with DDA for Dwarka project, which it bagged in 2007 but was later scrapped.

The provision of loss dragged the DLF's consolidated net profit by 49 per cent to Rs 145 crore for the third quarter of this fiscal.

DLF has a total developable potential of 312 million sq ft and out of that 60 million sq ft of projects area was under construction at the end of the December quarter.

 

 

 

Latest Realty News

Steep hike in circle rates likely in Delhi
Feb 24, 2014
DELHI: The capital may witness a 20-30 per cent hike in circle rates across various categories of properties over the next fortnight. The hike may be steeper for the upscale colonies in categories like A and B.
Sebi relies on Sahara order to nail fraudsters
Feb 24, 2014
DELHI: Sebi may still be fighting a legal battle to make Sahara pay over Rs 20,000 crore for refund to investors, but the regulator has cited Supreme Court order in this high-profile case to bring to book operators of at least five illicit money-pooling schemes.
DDA goes chic, new flats to be modern and green
Feb 24, 2014
DELHI: The Delhi Development Authority (DDA) is planning a complete makeover of its flats, adopting snazzy, contemporary designs for its new batch of energy-efficient ‘green’ flats. The new flats will come up in the next two years.
Metro plans first solar power plant
Feb 24, 2014
DELHI: The Delhi Metro Rail Corporation has planned to install a rooftop solar power plant with a generation capacity of 500 kWh on Dwarka Sector-21 Metro station. The plant is expected to start production in six months, DMRC officials said.
Miranda House and Lotus Greens spread message of sustainability at Tempest 2014
Feb 24, 2014
DELHI: Sponsored by Lotus Greens, the real estate company known for its Environment friendly initiatives & Sustainability drive, the annual Miranda House Fest – Tempest, rocked the Delhi University one more time. The fest appropriately adopted the theme shades of green, to spread awareness on sustainability. The idea of the three vital Rs- Reduce, Reuse and Recycle, were utilized in all aspects of the fest from campus decorations to the events. Even the Invites for the fest were handmade and de
Rs 120 cr in tax dues from over 1,000 properties: NDMC
Feb 24, 2014
DELHI: Property tax worth Rs 120 crore is due from over 1,000 commercial and residential properties in north Delhi, the North Corporation has said while warning of measures to name and shame defaulters.
Buying a house? Mitigate risk with possession-linked plan
Feb 23, 2014
DELHI: With sales in the real estate sector slowing down, developers are coming up with a variety of attractive offers to persuade customers to buy. One innovation that the current slowdown has spawned is the possession linked payment (PLP) plan. Until recently, the most popular plan was the construction linked payment (CLP). Here, the payment to developer, either by the buyer or the bank from which the loan is taken, is linked to construction milestones.
Noida-based realtors demand for Environment Impact Assessment
Feb 22, 2014
DELHI: To meet the deadline of both residential and commercial projects and bring the prices down by at least 10 per cent, the Noida-based realtors have demanded for Environment Impact Assessment (EIA), a norm for provide auto environmental clearance to all types of real estate projects in India.
VBHC launches VAIBHAV Phase II in Delhi NCR
Feb 22, 2014
DELHI: Value and Budget Housing Corporation (VBHC), pioneers of affordable housing in India, have announced the launch of Phase II of their Project Vaibhav in NCR- Bhiwadi region. Vaibhav Phase II will have a total of 395,866 sq ft 2BHK apartments. The township is built in 5 towers of 2 basements& 10 floors each and the project is spread across 4 acres of land.
Realty companies with foreign investment may buy farm land in India
Feb 22, 2014
DELHI: The urban development ministry is pushing for retrospective application of a significant change proposed in the foreign direct investment (FDI) policy for construction sector, which will allow foreign investors to purchase farm land in India.

Latest Realty News Of State

Realty Talk's