Bebt Reduce: DLF plans sale of Rs 400 crore plot: of land

India's largest real estate company DLF has sold about 11 acres in Gurgaon to a Dubai-based Indian investor for Rs 280 crore, as part of efforts to reduce its debt burden by a third this fiscal.
DLF is also in talks with other NRI investors to sell another 20 acres in Gurgaon, which is expected to fetch around Rs 400 crore.

Now, DLF’s debt stood at Rs 21,524 crore as on June 30, 2011. The company plans to reduce this by Rs 7,000 crore this 2011-12  fiscal.

Earlier this month, DLF had sold a plot of land to M3M India for Rs 400 crore. The company is also in the process of selling 2 IT parks to Blackstone and IDFC. The deal could fetch another Rs 1,500 crore.

DLF has a land bank of close to 37 Cr sq. ft, of which 10% is non-core. All the Gurgaon land parcels, Noida and Pune IT park are part the 'non-core assets'. The company is in the process of identifying more such non-core land for monetisation in other cities. It has so far realised over Rs 3,600 crore from sale of non-core assets including hotel plots.

DLF reported a 12.81% decline in its consolidated PAT (Profit After Tax) at Rs 358.36 crore during the first quarter ended June 30, 2011

Share: