DLF to get Rs 700 crore refund from DDA
Feb 11, 2014
Source : The Economic Times

 

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.

Senior executives at both DLF and DDA said a decision has been taken and an announcement would be made this week. The spokesman for DLF declined to comment. "DLF's allotment of the land in Dwarka has been cancelled and the refund is being processed as per rules," said a DDA spokeswoman.

The company was to build a large convention centre, three hotels, commercial complexes and meeting areas ahead of the 2010 Commonwealth Games, but was unable to start the project. Later, when DLF wanted to exit the project and sought a refund from the DDA, the development body initially refused after seeking legal advice.

DLF had acquired the plot for Rs 901 crore. It had even tried to get permission to change the structure of the company that got the land for the convention centre. DLF wanted to convert this into a consortium with a foreign partner and had identified a Japanese company that executes mega mall projects to join hands with. DDA, however, did not allow the conversion.

DLF is selling several non-core assets, including the Aman Resorts luxury hotel business, to reduce debt.

Latest Realty News

DLF gets Rs 676 crore refund from DDA after settling disputes
Feb 11, 2014
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.
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.
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).
Planned urban infrastructure key to growth in Delhi-NCR
Feb 08, 2014
DELHI: Investment inreal estate in the long term is always rewarding. Among all the asset classes, the long-term real returns from real estate are the highest. But for this, one must find out the right areas to invest. In the Delhi NCR, there are a number of pockets, where the return can be very good.
Is it sensible to buy resale flats?
Feb 08, 2014
DELHI: Rahul was tired of shifting flats due to the ever increasing rental rates in Delhi until he decided to invest his money in purchasing a resale flat. In addition to a hefty discount, the flat came readymade with an instant-shift tag. Rahul can now spend the saved money on the interior decor and can flaunt his cheap yet elegant home to his colleagues.
Tata Housing to invest Rs 300 cr on housing project in Chennai
Feb 08, 2014
DELHI: Tata Housing will invest Rs 300 crore on developing a new housing project near Chennai.The project 'Santorini', spread over 18 acres, comprises 1,000 housing units. Located on Chennai-Bangalore highway at Sriperumbudur, the project will be developed by its subsidiary Tata Value Homes Ltd.

Latest Realty News Of State

Realty Talk's