DLF, the country’s largest property developer, today said it would raise Rs 1,900 crore through the sale of hotel plots and its wind power business by the fiscal-end.
“The sale of our land parcels has already fetched us Rs 1,000 crore and we expect another Rs 1,000 crore in the coming months. Talks for selling our wind power business are also on track and we should be able to get Rs 900 crore through its sale,” Rajeev Talwar, group executive director said .
DLF has 40 hotel plots, of which 21 have been put on the block for sale to raise money. The company plans to raise Rs 5,500 crore by the end of this fiscal through the sale of non-core businesses, including land parcels.
The company had accumulated debt of over Rs 14,000 crore by March 31. It is repaying Rs 600-1,000 crore every month, to reduce the debt by half by the fiscal-end.
Talwar, while speaking at a CII conference, told reporters DLF had sold over 2,500 housing units in the first quarter of the current fiscal and demand had picked up in the past few months. “The measures taken by the government, such as reduction in the home loan rates, has helped developers sell their projects,” he added.
DLF has reduced the selling prices of their projects by 25 per cent in recent months and will not hike prices in the near future. “We will stick to our current prices, as we want to support the government’s attempt to provide homes to more and more people,” Talwar said.
