DLF to launch new real estate projects in 2013-14
After selling of the non core realty assets, DLF is planning to to launch up to 15 million square feet of new projects next fiscal.
Aman resorts, luxury hospitality chain and Mumbai land, which is non-core assets, have been sold by DLF for around 4,400 crore. This is included in their “wind energy” venture of about 850 crore.
After selling non-core assets like, Aman resorts and Mumbai land, DLF is confident of selling its wind energy as well. This will help them in reducing their debt to Rs. 18,500 crore by this March. They are concentrating on core business and other new launches to emphasize on cash flow, said a higher authority of DLF.
DLF has reduced its debt to Rs. 21,220 crore by mid November after selling its non-core assets. DLF authority has also said that they are planning to launch more projects by next financial year in Delhi-NCR, Bangalore, Lucknow, Mullanpur and other parts of the country.
Their projects include launching of many shopping malls and residential projects by 2013-14 with an approximate area of 13-15 million square feet.
DLF is targeting to finish around 15,000 flats within next 12-18 months. Along with the new real estate projects, they are also emphasizing on rental income and reducing finance cost, which will also improve in their inflow of clash.
DLF will sell its wind energy business to Bharat Light and Power for about Rs. 850 crore, as per sources. They have wind power plants with an installed capacity of 2287 MW. They also have wind farms in Gujarat (150MW), Rajasthan (34.5MW), Tamil Nadu (33MW) and Karnataka (11.2MW). After Aman Resorts and Mumbai land, this will be their third highest sale of non-core assets.
DLF had already sold 17 acres of land in Mumbai to Lodha Developers for Rs. 2727 crore in the month of August last year. Then they announced the sale of Aman Resorts to their original founder Adrian Zecha for about Rs. 1650 crore in December 2012.
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