This will help DLF cut its debt of Rs 22,519 crore.
In a setback to DLF, the competition Appellate Tribunal on Monday upheld the CCI order imposing Rs 630 crore penalty on the realty major for unfair business practices.
15-acre complex to come up in Gurgaon in tie-up with US mega-realtor
Realty major DLF's promoter Pia Singh on Tuesday picked up more than 1 crore shares of the company for Rs 194 crore from another promoter entity.
DLF has a land bank of 295 million sq ft, of which 50 million sq ft is under development.
Two-time winner Jyoti Randhawa, brought home a brilliant card of five-under 67 to grab a narrow one-stroke lead at the Rs 95 lakh DLF Masters golf tournament in Gurgaon, on Wednesday.
The project will entail an investment of over Rs 60,000 crore (Rs 600 billion) and will be developed in a 50:50 joint venture with the Dubai-headquartered Limitless Holdings, a sister company of Nakheel and a part of the diversified Dubai World group
DLF, which builds homes, offices and shopping malls, has lost about 61 per cent of its value since listing on the stock exchange in 2007, underperforming the wider market.
India's two corporate giants Tata Group and Mukesh Ambani owned Reliance Group have booked space in DLF Ltd's malls for rolling out their retail ventures.
DLF, with Rs 1,14,745 crore (Rs 1,147.45 billion) market capitalisation, has grabbed the seventh position, relegating Infosys, with Rs 1,11,357 crore (Rs 1,113.57 billion) m-cap, to the eighth position.
Traders said it is unusual that the grey market is active even after the issue subscription has closed. DLF grey-market shares were priced at Rs 525 per share.
It does not involve Amanresorts' flagship New Delhi hotel.
Rakesh Kerwell, director (north), DLF India Limited, said with the apex vacating the stay, the company will resume work on a war footing to make up for the time lost during the stay period since April 19.
In a significant judgement, the Monopolies and Restrictive Trade Practices Commission has found DLF Universal Ltd guilty of unfair trade practices for not completing construction within the stipulated time and charging extra money from clients for co
DLF Ltd has paid a whopping Rs 1,675 crore (Rs 16.75 billion) for 38 acres of land in west Delhi to DCM Shriram Consolidated Ltd and the Lohia Group.
However UBS maintains a buy with a price target of Rs 280.
The shares of DLF on Monday fell by over 5 per cent amid allegations of the company providing undue favours in its transactions with Robert Vadra -- although the charges have been vehemently denied by both the parties.
The Indian ace had three bogeys in the front nine to shoot two-under 70 in the final round that gave him a 15-under 273 overall and his third title of the season.
The Sebi order is vindication of Sinha's stand, but it has not brought him much relief as his money is still stuck.
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Since the cash flows will be impacted in a big way, DLF will have to resort to selling non-core assets in a substantial and significant manner through the next few quarters.
According to sources familiar with the development, Sebi has decided to make references to the Ministry of Corporate Affairs and the Department of Revenue, citing violations of the Acts these bodies govern.
There has also been some easing of norms, allowing foreign direct investment to come into relatively small projects of 20,000 sq metres.
The scope of the certification is focused on 'The Development of Commercial and Residential Complexes'.
These are the top buyers of the scrapped electoral bonds, the data for which was released by the Election Commission on Thursday.
Real estate giant DLF announced on Tuesday its tie-up with US-based financial player Prudential Financial, Inc for a foray in life insurance business and said the two partners will invest about Rs 10 billion over the next ten years in the venture.
Kapil is known to be a keen golfer, whose handicap was almost down to scratch at one time.
The Haryana government on Tuesday rejected allegations of Arvind Kejriwal about a nexus between state officials and DLF and that land meant for setting up a hospital was released in favour of the realty major.
CLSA has downgraded select real estate stocks and expects most counters from this sector to consolidate in the months ahead after the sharp run seen in them in the last few months. Most positive factors in terms of a pick-up in housing demand and office space absorption, it said, are already priced in. "We expect housing industry demand to grow around 12 per cent in 2024 and for large developers to outpace industry to grow at 15 - 20 per cent.
The company had invested around Rs 1,500 crore in the business; may exit at Rs 1,100 crore.
The company will have 9 mn sq ft of property for sale in the second half of 2012-13, which is three times what it sold in the first half.
The FY13 fourth quarter (Q4) earnings, however, fell short of analysts' expectation, as debt was still high at Rs 21,730 crore (Rs 217.3 billion), with much of the targeted non-core sales done.
DLF, which launched a residential project at Shivaji Marg on April 7, managed to sell all the 1,400 apartments on offer. It had priced the West Delhi project at Rs 6,000-7,000 a sq ft and offered an initial discount of Rs 1,000 a sq ft, besides an additional one of Rs 500 a sq ft on timely payments. It also offered an 8.5 per cent discount if a customer paid the entire amount within a month of the initial booking, bringing down the effective price to Rs 4,075 per sq ft.
Following the interest rate hike by a few leading banks and the government proposal to slap service tax on the realty sector, the country's largest real estate developer DLF on Monday said properties would turn dearer as developers would have to pass on the service tax burden to end-users.
With a huge debt burden of Rs 22,758 crore, DLF is scrambling to sell non-core assets to give itself some breathing room.
After life insurance, DLF Ltd is foraying into asset management by offering local and global mutual funds through a joint venture with Prudential Financial Inc of the United States.
The list includes Gautam Adani's brother Vinod Adani among others.
Realty major DLF has rejected allegations made by activist Arvind Kerijwal of a nexus with Robert Vadra and the Haryana government and said that it enjoyed no special favours with the state government.
DLF Ltd on Friday said it was reviewing an order from the country's market regulator that fined the company and its top management $8.4 million.
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