The developer started concentrating on Delhi-NCR after selling some of its land parcels in cities such as Mumbai in 2012 to reduce debt.
DLF, the country’s largest listed developer, could again diversify into residential-property markets such as Mumbai and Chennai after focusing on its home turf, the National Capital Region (NCR).
The developer started
concentrating on Delhi-NCR after selling some of its land parcels in cities
such as Mumbai in 2012 to reduce debt.
“We have completed and
delivered our projects across the country in Chennai, Bengaluru, Kolkata,
Kochi, Indore, Lucknow, and Chandigarh Tricity. We are in the process of
evaluating the best development plans for the residual land parcels in some of
these cities and will plan launches accordingly, in addition to reinforcing the
selling of the residual inventories,” said Ashok Tyagi, wholetime director,
DLF.
DLF
in 2012 sold 17 acres of prime land in Mumbai to Lodha Developers for about Rs
2,700 crore, nearly four times higher than the price at which the company had
bought this parcel in 2005. It has another land parcel in Mumbai.
“The real estate sector has
gone through a tough patch in the past few years and we have strengthened our
internal organisation and processes and excelled in all the geographies we
operate in. We have fixed our balance sheet and believe we are at the start of
the next buildout cycle,” he said.
Besides demand slowdown and
stagnancy in prices in the past eight years, the sector saw policy challenges
such as the note ban, goods and services tax, the Real
Estate Regulation Act (Rera), and so on, which increased compliance and
costs. At a recent webinar, Tyagi said the company was a national player in
commercial properties.
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