Real estate firm DLF has tied-up with Jerde Partnership to create an integrated Rs 1,000 crore (Rs 10 billion) project in Gurgaon, which will house retail and entertainment units in a concept called the 'Mall of India'.
This comes right after DLF, the largest property developer, brought out a range of measures to soothe restive customers at a couple of other housing projects at Gurgaon. The Unitech customer ire is due to alleged delay in completion of World Spa, apartments and villas that carry an average price tag of over Rs 1 crore (Rs 10 million) per unit.
While giving approval to commercially develop land in Gurgaon, the Haryana government considered Robert Vadra's name and status as proof of his company's financial capacity.
DLF is to divest non-core assets, including hotels and plots of land, but not Hilton JV, Delhi Aman.
Shyam's application comes even as real estate major DLF Ltd confirmed on Wednesday that it will apply for telecom licences by Friday, the fourth real estate company to do so in the recent past.
The country's largest realty firm DLF will launch 400 plots in Gurgaon on Thursday and is expecting sales realisation of about Rs 700 crore (Rs 7 billion) from this project over the next two years.
This is the third city, after Bangalore and Hyderabad, where residential projects with reduced price tags have been announced in the last few weeks. Gurgaon, Panchkula and Kochi may also see similar project launches from DLF in the coming days, an executive of the company said. The decision is in line with the company's recent announcement, which said it was strengthening its focus on the 'affordable housing' segment in select cities.
Lack of buyers in the property market has forced country's largest real estate firm DLF to cut prices of its future projects by up to 15 per cent, while the firm hinted that unless the housing market improved, it could resort to "some kind of cutting" of jobs.
Realty player retains dominant position, thanks to its enviable land bank.
They have realised that there is a lot of money to be made from selling ultra-luxury villas at holiday destinations in India. The target customers will be high net worth individuals, since each of these villas is being branded as "second homes" and will be sold for upwards of Rs 2 crore (Rs 20 million).
The company's profit stood at Rs 292.79 crore (Rs 2.92 billion) in the year-ago period.
Hurt by the establishment's statements that have the potential to dampen demand, the country's largest real estate player DLF Ltd asked the government on Friday to rather focus on augmenting supply and cutting interest rates to further boost growth.
Given its track record, cautious analysts are monitoring progress on these fronts.
The Delhi government on Friday strongly rejected charges of civil society activists Arvind Kejriwal and Prashant Bhushan that it has allotted land to realty major DLF which in turn allegedly favoured Robert Vadra.
Real estate giant DLF, which revived its process of entering the capital market last month to raise Rs 13,600 crore (Rs 136 billion) through its Initial Public Offer, said on Tuesday its IPO plan is on track.
The success of the DLF initial public offer might give more confidence to realty companies.
'Today, we have over 200 subsidiaries across India and we are one of the most automated companies'
DLF has received approval from market regulator Securities and Exchange Board of India for its initial public offer, through which it is expected to raise a record Rs 13,600 crore (Rs 136 billion). "
DLF, India's largest real estate developer by market cap, on Monday said it has sold 49 per cent stake in some of its residential projects to private equity investors for a total consideration of Rs 1,675 crore (Rs 16.75 billion).
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.
The US Federal Reserve's interest rate decision, global cues, macroeconomic data announcements and the ongoing quarterly earnings are the major triggers that will dictate trends in stock markets this week, analysts said. Besides, the trading activity of foreign investors and the movement of global oil benchmark Brent crude will also be tracked. "All eyes are on the outcome of the US Federal Reserve meeting scheduled for November 1, particularly due to the multi-year high levels of the US bond yields.
Leading real estate developer DLF Ltd, which is aiming to raise up to Rs 9,625 crore (Rs 96.25 billion) through its initial public offer, plans to set up three townships in Chandigarh and its suburbs and Shimla.
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.
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.
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.
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.
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.
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.
Analysts, however, suggest investors remain selective on realty stocks and buy only where there is revenue visibility and a credible promoter backing.
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.
Mumbai land sale part of non-core divestment this year, counters DLF
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