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.
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.
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.
The list includes Gautam Adani's brother Vinod Adani among others.
The Delhi high court has issued notices to the Centre, Securities and Exchange Board of India and real estate firm DLF on an application challenging the company's decision to allot debentures to minority shareholders early this month.
Arvind Kejriwal had earlier indicated that he will give more information on Tuesday on allegations of favours granted to the Congress president Sonia Gandhi's son-in-law.
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.
Over 500 minority shareholders of realty major DLF have missed out on a once-in-a-lifetime opportunity to become 'crorepatis' overnight.
DLF was asked to file an affidavit in this matter by Monday, after which SAT would issue directions on Wednesday (November 5) on whether the interim relief can be given.
Having completed the country's largest initial public offering of $2 billion (about Rs 8,200 crore), DLF Chairman K P Singh is getting ready to raise a similar amount in Singapore.
To bring down promoter stake to comply with minimum public shareholding rules.
The company said it has received Rs 2,727 crore in full from Lodha Developers against the sale of 17-acre land in Mumbai and will utilise almost entire proceeds to cut whopping debt of over Rs 22,000 crore.
India's biggest realty firm, DLF is betting on special economic zones (SEZs). The zones will cover an area of 26,100 acres and the company expects to take control of the land in the next two years.
The Competition Commission of India passed a supplementary order last week to modify the agreement between DLF and its apartment buyers, pursuant to a direction from Competition Appellate Tribunal that is hearing the company's appeal against monetary penalty and other sanctions imposed on it by CCI for abuse of market dominance.
CCI had imposed a penalty of Rs 630 crore on DLF in August 2011.
Net debt of India's largest realty company, DLF, rose by Rs 800 crore in the third quarter to Rs 20,694 crore
Apartments likely to be in the Rs 5-10 crore range each.
DLF chairman K P Singh, his son and vice-chairman Rajiv Singh, younger daughter and whole-time director at DLF Pia Singh, company directors T C Goyal and Ramesh Sanka had earlier moved the tribunal challenging the October 10 Sebi ban on them.
Reeling under a cash crunch, the country's largest real estate player, DLF, has approached the government on surrendering its (DLF's) five of the nine IT-ITeS notified special economic zones (SEZ).
Debt-ridden realty player DLF on Tuesday said it will sell more land and wind power business this fiscal to raise Rs 1,900 crore (Rs 19 billion) and lowered the sales figure for flats.
The realty major is awaiting orders for the second proceedings.
NCDs are unsecured loans to a firm with no provisions to exchange debt for corporate stock.
Locked in face-offs with two different regulatory agencies CCI and Sebi, realty major DLF's Chairman K P Singh on Monday suggested a provision in laws to sue regulators if their decisions get overturned at later stages.
In a 43-page order, SEBI said it will bar DLF and its chairman KP Singh along with five other company executives from accessing India's capital markets for three years.
Loans and advances account for nearly a quarter of the assets of India's top realty firms.
Is it the usual practice for DLF to give an advance equal to 86 per cent of the sale price on land, before the sale takes place?
Turns down firm's plea for stay on CCI order; final order pending
Recently, DLF sold 17 acres of prime land in Mumbai to Lodha Developers for Rs 2,700 crore.
This alliance is also planning to tap the infrastructure sector covering express highways, airports and hi-tech construction involving power plants and mega projects.
To reduce its mounting debt, DLF, the country's biggest real estate company, is set to sign a deal with Mumbai-based Lodha Developers for selling one of its showcase non-core assets the 17-acre National Textile Corporation (NTC) land in Mumbai.
With the slump in real estate market and television ratings, DLF, the country's largest real estate developer, is unlikely to continue with the title sponsorship of the Indian Premier League, according to sources close to the development.
In addition, it is banking on Rs 20 billion of additional inflows from group company DLF Assets. The move follows 33 per cent growth in DLF's gross debt to Rs 163.58 billion at the end of March 2009 from Rs 122.77 billion a year ago. In addition, DLF's revenues fell 28 per cent to Rs 105.41 billion as home buyers deferred purchases and it offered discounts to lure buyers. As a result, its revenues were hit to the tune of Rs 6.88 billion.
The mega initial public offer of realty giant DLF, through which the developer is expecting to garner Rs 9,625 crore (Rs 96.25 billion), got fully subscribed on Tuesday.
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.
