In a big-ticket land deal, realty major DLF has sold 17 acres of prime land in Mumbai to Lodha Developers for about Rs 2,700 crore (Rs 27 billion), nearly four times higher than the price at which the company had bought this parcel seven years ago in 2005.
This was the first gain in the stock after four sessions of decline and DLF's market capitalisation swelled by a whopping Rs 2,148 crore (Rs 21.48 billion), to Rs 44,411 crore (Rs 444.11 billion), from Rs 42,263 crore (Rs 422.63 billion)on Friday.
The development comes close on the heels of DLF's closing the Rs 325-crore (Rs 3.25-billion) deal to sell 150 MW wind turbine project in Gujarat.
DLF has entered the elite group of companies that have a market valuation of over Rs 2 trillion.
India's largest real estate player, DLF, has sold its entire stake in Adone Hotels and Hospitality Limited (Adone) to Kolkata-based Avani Projects and Square Four Housing & Infrastructure for Rs 567 crore.
DLF, the country's largest realty firm, on Thursday bagged a 350-acre plot for Rs 1,750 crore (Rs 17.50 billion) in Haryana for developing a recreation and leisure project, making it one of the costliest land deals in recent times.
DLF opened on a weak note in the Bombay Stock Exchange on Monday at Rs 500.05 and then declined further and hit an intra-day low of Rs 488.60, a 6.43 per cent fall from its previous close. The realty major was quoted at Rs 490, down 5.76 per cent at 10.41 am and over 3.54 lakh shares exchanged hands on the BSE.
DLF had bought 17.5 acres of land in 2005 from the National Textile Mills for about Rs 700 crore (Rs 7 billion).
DLF launched a 100-acre township 'Alameda' in Gurgaon. In the first phase, it released 150 plots at Rs 60,000 a sq yard with inaugural discount of 10 per cent and they were sold within a few hours of the launch.
Leading theatre chain PVR Ltd announced a cash-and-stock deal to buy out realtor DLF group's national multiplex chain, DT Cinemas.
Real estate major DLF Universal has withdrawn the draft red herring prospectus for its initial public offer and called off its $3 billion IPO.
Its market cap jumped to Rs 1,00,053 crore (Rs 1.00053 trillion) just before today's closing and settled at Rs 99,733 crore (Rs 997.33 billion) as compared to Rs 96,575 crore (Rs 965.75 billion) on Tuesday.
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.
Its net profit stood at Rs 100.05 crore (Rs 1 billion) in the year-ago period.
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.
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.
DLF is to divest non-core assets, including hotels and plots of land, but not Hilton JV, Delhi Aman.
Thackeray wondered whether the state government was trying to favour the Adani Group at the cost of residents of Dharavi, a sprawling slum colony.
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).
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.
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.
The company's profit stood at Rs 292.79 crore (Rs 2.92 billion) in the year-ago period.
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.
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.
Given its track record, cautious analysts are monitoring progress on these fronts.
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'
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.
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).
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.
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.
Enquiries indicate it belongs to an industrialist with links to a prominent cricketer.
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