DLF targets new sales booking of more than 50% in FY'14
Realty major DLF LtdBSE -5.41 % today said it is targeting more than 50 per cent jump in new sales booking to Rs 6,000 crore in the 2013-14 fiscal.
Jun 01, 2013
Source : The Times of India

 

DELHI: Realty major DLF LtdBSE -5.41 % today said it is targeting more than 50 per cent jump in new sales booking to Rs 6,000 crore in the 2013-14 fiscal.

 

The company said it will invest Rs 3,000-3,200 crore on construction of various projects this year.

 

DLF Ltd, the country's largest listed developer, said it aims to bring down net debt to Rs 19,000 crore by June, and reduce it further to Rs 17,000 crore by end of this fiscal.

 

"We are targeting sales of about 8-10 million square feet (msf) this fiscal, at Rs 6,000 crore. Last year, we sold 7.23 msf, at Rs 3,900 crore," DLF Ltd Chief Financial Officer Ashok Tyagi told PTI.

 

Asked how it plans to bring down the company's net debt, Tyagi said: "We are aiming to reduce our debt to Rs 19,000 crore by June with the help of funds raised from the recently concluded Institutional Placement Programme (IPP)."

 

DLF has raised Rs 1,863 crore through the issue of over 8.1 crore fresh shares to institutional investors, enabling it to dilute promoters stake to 75 per cent in line with market regulator Sebi's minimum public shareholding norms.

 

The company said it will focus on bringing down the debt level by 50 per cent in the next three years and see free-cash flow remains positive by 2014-15 fiscal.

 

Its net debt as on March 31, 2013 was Rs 21,731 crore and average cost of debt has reached 12.8 per cent, it said.

 

On progress made on sale of its luxury hotel chain Amanresorts to reduce its debt level, Tyagi said: "We hope that the deal will be concluded by June."

 

In December 2012, DLF had signed an agreement for effecting sale of Amanresorts to the hospitality property's founder and Chairman Adrian Zecha for over Rs 1,600 crore. The deadline for the closure of the deal was February but it has been extended to June this year.

 

"We will speak to them (Adrian Zecha) and find out if they have arranged funds. If they are in the process, we could think of giving more time. If they are not, then we will take decision at that point of time," Tyagi said.

 

On the Punjab and Haryana high court last week stayed the construction, sale and marketing of DLF's Crest project in Gurgaon, the company said: "We are trying to present the facts and hope to resolve this issue at the earliest."

 

DLF said its new residential project 'Camellia' in Gurgoan will be formally launched in the next two months.

Latest Realty News

Housing Development & Infrastructure Ltd served termination notice from MIAL
Jun 01, 2013
Housing Development & Infrastructure Ltd (HDIL) has received a termination notice from Mumbai International Airport Limited (MIAL) for its slum rehabilitation project, it said on Wednesday.
North Chennai home rates grow fastest
Jun 01, 2013
Northern parts of Chennai have long been considered the backwater region of the city. But the residential price index (residex) put out by the National Housing Bank (NHB) shows that Ayanavaram, Kolathur and Purasawalkam have seen the maximum appreciation in residential prices in the last six years across the country.
Luxury brands now get more room for growth in malls
Jun 01, 2013
Mall developers in India are setting aside up to 40% space for luxury brands, hoping to tap new money by offering labels such as Jimmy Choo, Canali and Gucci alongside mass-market products.
GMR infra back in the black with Rs 519 crore profit
Jun 01, 2013
Infrastructure major GMR Group Friday reported a consolidated net profit of `519.17 crore for the quarter ended March, 2013 as against a net loss of `366 crore in the corresponding quarter.
Mumbai leaseholders opt for govt’s one-time premium offer
Jun 01, 2013
Plot holders are latching on to the state’s move to offer its leased lands on occupancy basis. While 22 plot holders in the suburbs have opted for the option, only six have chosen the other preference that involves renewal of lease by paying revised lease rents.
Mumbai Metro pushes property values in Ghatkopar and Andheri
Jun 01, 2013
The upcoming Mumbai Metro, which has been in the news for a long time, will finally be running across the city in another six months.
Singapore team expresses interest in infrastructure projects
Jun 01, 2013
In signs that the state's government initiatives to attract industry may be yielding results, a government-cum-business delegation from Singapore has evinced interest in investing in infrastructure projects, the proposed IT City at Lucknow,
AT Group chief Sethi beaten at his own game
Jun 01, 2013
AT Group CMDPradip Sethi, who allegedly cheated thousands of investors, was taken for a ride by land sharks, who made him buy land at inflated prices. Sethi, who had planned to return investors' heavy interests by selling it at higher rates, failed to dispose it after realizing the real price of the property, police said.
Current realty prices in metros may be unsustainable: Report
May 31, 2013
Investment demand for real estate in the metros, rather than the demand from those who want to stay in the house they are buying, seems to have outpaced the rise in home prices in these cities compared to in the smaller ones. And this faster pace of rise in real estate prices in the metros may eventually turn out to be its own undoing, a report by Japanese financial services firm Nomura pointed out.
Realty prices in Puducherry’s French quarter take a hit
May 31, 2013
It's an inevitable domino effect. The local government's civic apathy is robbing Puducherry of its real estate sheen. According to sources, the attraction of the city's famed White Town or French quarter - whose limited residential properties have always attracted both well-heeled locals and expats - is wearing off thanks to mounting garbage, litter-lined streets and hand-cart hawkers.

Latest Realty News Of State

Realty Talk's