Confusion prevails on the lock-in period of the about-to-be allotted shares of DLF Universal to the minority shareholders.
India's biggest real estate developer is considering a major human resource redeployment to boost efficiency and productivity. This may lead to a further reduction in its workforce at several recession-hit businesses, which the company denied. DLF plans to restructure verticals such as homes, offices, retail, special economic zones, hotels and infrastructure. At present, all of them have separate human resources, accounts and marketing departments.
DLF joined the Asian big league in hotel deals after it sold Aman Resorts at around Rs 1,600 crore to the latter's founder, Adrian Zecha.
Real estate major DLF announced a price band of Rs 500-550 a share for its upcoming initial public offering.
DLF appears close to bagging a Rs 30 billion convention centre project in Delhi, possibly the biggest in the country, as the company is the only bidder for developing the facility.
Shares of real estate firms have been outperforming over the past year. The rally, analysts say, may hit roadblocks in the near term amid stretched valuations, even as the long-term prospects for the sector remain ebullient. "Most of the positive news flow is already in the price. Hence, investors sitting on hefty profits may partially cash out at current levels," suggests V K Vijayakumar, chief investment strategist at Geojit Financial Services.
DLF Ltd, which aims to raise up to Rs 9,625 crore (Rs 96.25 billion) through the country's largest IPO, plans to invest Rs 3,500 crore (Rs 35 billion) of the proceeds for acquisition of land and development rights in 60 major Indian cities.
The company, which has already taken possession of land for the project -- it was inaugurated just two months ago -- is facing a cash crunch amid the prevailing economic downturn, which has slackened the demand for commercial real estate projects. A source close to the development said DLF was unlikely to go ahead with the project as its cash position was not comfortable and it did not expect many takers for the project due to the economic downturn.
In the March quarter analysts' presentation, the company had said it was targeting to raise a total of Rs 10,000 crore (Rs 100 billion) from non-core asset sales in the medium term.
The National-Capital based realty major will also launch 9-10 million sq ft of real estate projects during the second half of the current financial year.
The country's largest realty firm, DLF, has mopped up about Rs 100 crore (Rs 1 billion) as booking amount for flats it had offered in the second phase of its housing project in the heart of the National Capital.
Gaganjeet Bhullar dazzled with a solid four-under 68 in the final round to register a comprehensive five-stroke win at the DLF Masters golf tournament in Gurgaon on Sunday.
DLF, Unitech and other real estate developers may lower prices up to 30 per cent by mid-2009 to nudge buyers out of their "wait and watch" stance, according to experts.
Credit outstanding to the housing sector rose by nearly Rs 10 lakh crore in the last two fiscals to reach a record Rs 27.23 lakh crore in March this year, according to RBI's data on 'Sectoral Deployment of Bank Credit'. Experts from banking and real estate sectors attributed this growth in housing credit outstanding to a strong revival in the residential property market post-COVID pandemic on pent-up demand. According to the data of the Reserve Bank of India (RBI) on sectoral deployment of bank credit for March 2024, the credit outstanding to the housing (including priority sector housing') stood at Rs 27,22,720 crore in March 2024, up from Rs 19,88,532 crore in March 2023, and Rs 17,26,697 crore in March 2022.
Enquiries indicate it belongs to an industrialist with links to a prominent cricketer.
The developer needs to realise Rs 3,000 crore (Rs 30 billion) to Rs 3,500 crore (Rs 35 billion) from non-core asset sales, to reach its 2011-12 goal.
The Kushan Pal Singh-led realty major has halted construction work on nearly 16 million sq ft of office and retail mall space out of the 62 million sq ft of planned construction. In the office space, the developer has stalled construction on nearly 12 million sq ft of office space out of the 36 million sq ft of space being planned.
The company has already booked Rs 5,450 crore (Rs 54.5 billion) revenue from sale of 5 million sq ft it has sold to DAL. DLF on Tuesday clarified to the exchanges that it had been looking at various options from time to time but no definite option had been presented to the board so far for its consideration.
Mumbai land sale part of non-core divestment this year, counters DLF
In both good and bad times, we will do things that are good for the company and its shareholders. We are not a company that decides strategy on the basis of newspaper articles or analyst comments.
The Lucknow bench of the Allahabad high court on Thursday reserved its order on the maintainability of a writ petition filed by a local activist -- seeking a probe into allegations of irregularities against Robert Vadra relating to his land transactions with real estate major DLF in Haryana.
Quarterly earnings, global trends and trading activity of foreign investors will drive stock markets in this holiday-shortened week, analysts said. It will be a trading holiday on January 22, with the Maharashtra government announcing a holiday in connection with the consecration of the Ram Temple in Ayodhya. Equity markets would also remain closed on Friday for Republic Day.
Taking note of a Public Interest Litigation seeking investigation into the alleged nexus between realty giant DLF and businessman Robert Vadra, the Lucknow bench of the Allahabad high court on Thursday directed the central government to submit a reply within the next three weeks.
Ruling out any probe into business dealings between Sonia Gandhi's son-in-law Robert Vadra and realty major DLF, Finance Minister P Chidambaram on Monday said the government cannot look into private transactions unless there are specific allegations of corruption.
India's largest real estate firm DLF plans to invest about $24 billion for developing two townships in collaboration with Dubai-based Al Nakheel over a period of six years.
India's richest real estate entrepreneur Kushal Pal Singh on Monday became the country's third trillionaire in rupee terms with a sharp rise of four per cent in his group's flagship company DLF Ltd, pushing its market value to about Rs 1,14,744 crore
While the prices were lower than the market, the lowest effective price was 39 per cent higher than the lowest price it had charged during the first phase of the project this April.
While the thrust will be on pan-India residential projects, office and retail launches, too, will add up to make for the realtor's project mix of 12 to 16 million sq ft during the coming year.
Seeking to tap opportunities in Indian rail and mining sectors, UK-based infrastructure company Laing O'Rourke, which has a tie-up with domestic realty major DLF, has acquired Barclay Mowlem
India's largest realty firm DLF on Friday said its net debt increased by nearly Rs 1,000 crore (Rs 10 billion) in the July-September quarter to Rs 22,519 crore (Rs 225.19 billion), mainly due to delayed receipt of payments related to non-core asset sales.
13 companies have submitted more than 230 applications for telecom licences and most of these are for a pan-India UASL. DLF and Omaxe join other real estate firms Indiabulls Real Estate, Unitech and Parsvnath Developers to apply for telecom licence.
Audit firm points out that the accounting rules do not permit companies to give interest-free loans even to their subsidiaries.
It also asked why the data shared pertained to a period from April 2019 even though the scheme for anonymous political funding was introduced in 2017.
DLF Ltd is forging a 50:50 joint venture with Nakheel, a large property developer of the UAE, for two integrated townships in India at a whopping investment of $10 billion.
Analysts, however, suggest investors remain selective on realty stocks and buy only where there is revenue visibility and a credible promoter backing.
Real estate major DLF and West Bengal government on Monday entered into an agreement to build a township and an industrial hub at Dankuni in the Hooghly district.
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