Indian Realty major DLF Ltd’s strategy to go for plotted development -- a move aimed at weathering the blow from the rising input cost and inflation -- seems to have clicked. To further strengthen its cash flow, the company is also looking at asset monetisation worth around Rs 3,000 crore, though it has not specified a timeline for it.
In the first quarter of the current financial year (2011-12), the company has launched 45 lakh square feet of plots, which is almost 50% of the targeted plot launches in the current fiscal. The plots launched in Gurgaon are likely to rake in around Rs 1,125 crore while those in Indore are likely to contribute another Rs 250 crore to the company.
Mr.Rajeev Talwar, executive director, DLF group said, “Plotting development is doing well. We have got a good response in Gurgaon and Indore. Plots come as a ready stock that can be easily sold. And since execution cycle is lesser, cash flow is better. The entire amount comes within eighteen months,”
On the asset monetisation front, the company is looking at sales of Rs 3,000 crore of assets. It is likely to put Aman resorts on the block and fetch Rs 2,000 crore from it. Talwar said that the company is indeed planning but no timeline can be given for the development. The other assets that DLF is planning to sell off are Pune IT SEZ -- spread across 5.1 million square feet -- and Noida IT park.
In the current fiscal, the company is also looking at launches in Panchkula and Lucknow spread over three million square feet. In the second half of this fiscal, more launches are likely in Chandigarh and Gurgaon.
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