'The market today is different -- more mature and conducive. As a national player, you can't not be in Mumbai. And competition is always good.'
India's leading real estate developer DLF Ltd bagged the title sponsorship rights for the Indian Premier League extravaganza that is set to kick off on April 18 for Rs 40 crore per annum.
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 RBI had been widely expected to lift its repo rate by 25 basis points, but instead opted to keep the country's main lending rate at 7.75 per cent.
The price range and size are yet to be determined, according to the term sheet, which also did not specify the timeframe.
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.
It does not involve Amanresorts' flagship New Delhi hotel.
Loans and advances account for nearly a quarter of the assets of India's top realty firms.
Big projects may wait till second half of the year as developers turn focus towards execution and delivery
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.
This will help DLF cut its debt of Rs 22,519 crore.
The shortage of labour, a fund crunch, high interest rates and steep input costs have hammered the net profits of major real estate developers in the second quarter.
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.
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.
Rahul, son of K P Singh's elder daughter Renuka, has joined DLF India Ltd as a 'senior management trainee' with a pay package of Rs 57,725 per month, besides other benefits.
Real estate developer K Raheja Universal Private Ltd wants to scrap one of their notified special economic zones and also surrender a part of another zone, citing lack of demand from the information technology sector.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The company had invested around Rs 1,500 crore in the business; may exit at Rs 1,100 crore.
DLF Ltd is acquiring the privately-held super luxury resorts and spa chain Singapore-based Amanresorts for around $250 million.
Making the things worse, those hitting their record low share prices included big names like Reliance Power, Cipla, Ranbaxy, Ambuja Cement, Hindalco, Indian Hotels, Jaiprakash Associates, Jet Airways, Suzlon Energy and Idea Cellular. Realty majors DLF Ltd, Unitech, Parsvnath, Sobha Developers, Omaxe and Puravankara also plunged to their all-time lows.
DLF Ltd, the country's biggest real estate developer, said its fourth-quarter consolidated profit plunged 93 per cent as buyers deferred purchases and the company was forced to offer discounts to customers at its residential projects.
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.
Move aimed at reducing tax exemptions ahead of Budget 2008-09.
Having cleared over 200 special economic zone proposals, the Board of Approval will take up 46 fresh cases on Friday.
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.
High lending rates triggered by Reserve Bank's tight monetary policy have tranquilized the country's property market, but demand will surge once rates dip, real estate firm DLF Ltd's chairman K P Singh said on Tuesday.
"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 company also said that housing loan interest rates would fall in the days ahead.
Real estate developer DLF Ltd on Wednesday said it has secured a Rs 6,000 crore contract from Delhi Development Authority (DDA) for constructing an international convention centre in Dwarka.
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 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
The group also plans to nearly halve DLF's debt from Rs 13,958 crore to Rs 7,000 crore by the end of the current financial year by selling around Rs 5,500 crore worth of assets and raising Rs 2,000 crore from the DAL listing, said Singh. Wednesday's divestment will also help reduce DLF's debt by around Rs 1,500 crore since this amount will be given to DAL to repay part of the Rs 4,900 crore it owes the realtor, he added.
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.
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
Raghavendra Kamath and Ashutosh Joshi spoke to Kushal Pal Singh on the growth of Indian realty story and issues surrounding it.
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.
AT&T has also applied for a universal access service licence (UASL), which allows operators to offer services in both GSM and CDMA technology, with the Mahindra & Mahindra group, for 22 circles. The US company, however, has stipulated that it wants a majority equity stake in the mobile venture.
The real estate major plans to bid for upcoming airport modernisation contracts with foreign partner.
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.
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