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Media Information
DLF Generated Revenue of over Rs 530 crore in January

Published & Updated as on - 2010-02-18

DLF Ltd, the largest real estate developer in the country by market value, has generated revenue collection of over Rs 530 crore in January as it stepped up execution process for the development of properties, its senior official said. The developer was able to sell Rs 480 crore worth of new properties and received Rs 50 crore from selling projects from previous launches. “Even in the difficult month of January, we were able to generate revenue collection of over Rs 530 crore which shows that real estate as a sector is bouncing back, especially the residential segment,” Rajiv Talwar, executive director at DLF, told DNA.

He said they are going slow on their planned non-core asset sale as the “distress times” are now behind the real estate sector. DLF is expected to raise a total of Rs 2,500 crore from non-core asset sale in the current fiscal. “With improvement in the Indian economy, we have seen that there is no requirement of distress sale and valuation of properties that we have put up for sale are getting better, and that is why we are constantly analysing that what is the optimum price at which you will offload a non-core asset…we are in no more hurry to sell them,” Talwar said. Meanwhile, the New Delhi-based real estate developer confirmed that the proposed deal with PVR to sell its cinema business, DT Cinemas, for Rs 22 crore in cash and 2.56 million equity shares of PVR is “currently on” and a decision would be made on February 15.

DLF is also looking to raise Rs 1,000 crore through non-convertible debentures by February end with tenure of three years which will carry an annual coupon of 10.5%. The debt raised would be used to retire its more expensive debt. DLF’s average borrowing cost for its net debt of Rs 12,830 crore in its third quarter ended December was at 10.6%.

Source: Indian Realty News

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