Facing acute liquidity crunch and poor buyer sentiments, the country's biggest property developer, DLF, has stopped work at two of its biggest mid-income housing projects. The move comes after the developer stalled at least a quarter of its commercial projects.
PVR Cinemas has decided to terminate its agreement to acquire real estate developer DLF's exhibition hall business, DT Cinemas. PVR informed the stock exchanges today that, 'the conditions precedent for the acquisition have still not been satisfied'.The two companies had sought an extension till February 15 to conclude the deal.
Caddie-turned-pro Ashok Kumar lifted the DLF Masters title trophy riding on his overnight eight-stroke lead after rain washed out the final day of the PGTI event in Gurgaon on Sunday.
"The customers had entered into a three-year contract with us. If we have to sell the apartments at a discounted rate, the customers who are backing out should make up for it," an official said. "If DFL tries to re-sell its apartments in the open market, it will have to reduce prices by a further 10-15 per cent. The new buyers know the expected supply is more than demand," said Rupesh Sankhe, equity analyst, Centrum Broking.
"We have not laid off anything. The lay-off could happen in future in case the demand further goes down," DLF chairman K P Singh said at an Assocham event in New Delhi. He clarified that as of 'today' DLF has not laid off anybody.
The exchange had earlier said that DLF would move out from Group A.
In July, the company announced its buyback plans at a maximum price of Rs 600 a share. DLF will buy a maximum of 22 million shares, or 11 per cent, of the 202 million shares held by the public. On October 1, the DLF board approved the company's announcement on buyback of shares.
DLF has wind power plants in four states with total installed capacity of 227 MW.
The order followed complaints against DLF Gurgaon Home Developers.
DLF is paying $200m for a controlling stake in Amanresorts. The deal comes at a time when Indian automotive companies Tata Motors and Mahindra & Mahindra are bidding for Ford's luxury Jaguar and Land Rover marques.
Real estate major DLF plans to leverage the power of cricket to enhance its brand image across the country and has earmarked Rs 100 crore investment (Rs 1 billion) in next two years on sponsorship, cultural events and advertisements. \n\n
The funds will be utilised primarily to reduce debt, which stood at Rs 21,350 crore (Rs 213.5 billion) as on December 31, 2012.
The company had posted a net profit of Rs 138.51 crore (Rs 1.38 billion) in the year-ago period, DLF had said in a statement.
This is one of the rare orders by Sebi that bars a bluechip and its top promoter/executives from market.
The Prime Minister's Office on Wednesday sought to dismiss the alleged nexus between realty giant DLF and Priyanka Gandhi's husband Robert Vadra as 'false'. An affidavit filed by PMO Joint Secretary Dheeraj Gupta before the Lucknow bench of the Allahabad high court termed as "false, vexatious and based on hearsay" the allegations about DLF having extended undue favours to Robert Vadra.
As per Arjun Modhwadia's memorandum listing out land allotment at a meagre rate to industrialists in Gandhinagar without an auction, DLF was given 1,01,200 sq mt of land in the capital at Rs 5000 per sq mt, when the prescribed stamp duty rate was Rs 19,000 per sq mt and the market price was Rs 30,000 per sq mt. This allotment, Modhwadia contended, cost the exchequer a whopping Rs 253 crore
DLF, which will enter the capital market on June 11 with its public issue, announced on Friday an investment of Rs 3,000 crore (Rs 30 billion) for developing two hotels and a service apartment in Kolkata.
Two top Haryana officers on Thursday sparred over cancellation of Robert Vadra-DLF land deal, with the Town and Country Planning head T C Gupta claiming there were "factual inaccuracies" in the orders by Ashok Khemka who stood by his decision and said the aggrieved parties were free to move court.
According to DLF, the company has a land bank of 10,255 acres, of which 70% is in the metro cities, with 50% being in the National Capital Region alone.
The accounting and audit fraternity clearly wants to disassociate itself from the DLF-Vadra saga.
DLF has long been embroiled in a controversy over a deal that brought windfall profits to Robert Vadra, son-in-law of United Progressive Alliance Chairperson Sonia Gandhi.
DLF, the country's largest realty firm, is eyeing the India franchise rights of ultra luxury brand Salvatore Ferragamo. The Italian brand's original franchise partner, Sports Station India, has decided to exit the business and instead concentrate on premium brands such as Levi's and Dockers.
Is looking to raise Rs 3,000 cr.
In the midst of a tax probe into finances of IPL, authorities have issued notices to several sponsors of the first edition of the Twenty20 event, including DLF, Adidas and Religare for non-payment of service tax.
A man allegedly killed his 23-year-old wife here and left their two-year-old son locked in a room with the body lying in a pool of blood before jumping to death from a metro station in Ghaziabad, police said on Monday.
DLF will use its IPO proceeds in part to acquire land, complete on-going projects and retire debts.
DLF Ltd is acquiring the privately-held super luxury resorts and spa chain Singapore-based Amanresorts for around $250 million.
The company also said that housing loan interest rates would fall in the days ahead.
DLF, the country's largest property developer, might offer another three rent-free months to retailers at its malls in South Delhi, who have begun an agitation against the company.
Early last year, the company had said it aimed to reduce its debt, which stood over Rs 21,000 crore then, to Rs 10,000-11,000 crore (Rs 100-110 billion) through the sale of non-core assets and improved cash flows.
These trusts are being registered under a new framework.
The artist made a range of paintings for DLF from the mid-1960s to the late 80s.
DLF will appeal against a verdict ordering demolition of the special economic zone in Gurgaon.
DLF, the country's largest property developer, may retrade its apartments at New Town Heights, Gurgaon, and Garden City, Chennai, at a discount. This is to refund buyers who want to exit the projects, according to a senior company official.
Already partnering seven international brands such as Giorgio Armani and Salvatore Ferragamo, it also plans to tie up with 12-15 global brands in the next five years. The company plans to fund its expansion through a mix of equity and debt and go in for tie-ups through joint ventures and franchise routes. The focus of expansion would be in metros such as Delhi, Mumbai, Hyderabad and Chennai in the initial phase, the official said.
DLF wrote to Sebi, asking if the firm's ban on securities transactions extends to mutual fund investments.
The price range and size are yet to be determined, according to the term sheet, which also did not specify the timeframe.
DLF, India's biggest real estate developer, has repaid dues and may not need to approach lenders to take advantage of a central banks relaxed rule that allows banks to restructure cash-strapped real estate companies loans.
