 "DLF to raise Rs 6,000 cr from ultra luxury Gurgaon project")
India’s largest real estate developer DLF which has decided to concentrate on ultra-luxury housing to improve margins and sell non-core assets to reduce its mounting debt, now plants to raise Rs 6,000 crore from its super luxury residential project in Gurgaon.
DLF will unveil its new residential project in Delhi-NCR, the sales of which will begin in September-October this year. DLF plans to sell approximately 500 flats at Gurgaon Golf Course at a price of Rs 20,000 per square foot, excluding surcharges, reported CNBC-TV18.
The developers total project spread is spread across three million square feet.
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The company, however, refused to comment on the development.
Analysts also expect DLF’s Golf course launch to be the next key trigger as it will help DLF achieve 50 percent higher sales booking in FY13 (Rs6200 crore) against FY12 (Rs4100 crore).
Meanwhile, DLF’s much speculated Mumbai land sale deal has once again gained steam as three buyers are in advanced stages of negotiation. The realtor is learnt to be in advanced talks with Mumbai-based developer Runwal Group,Lodha Developers and Oberoi Realty for selling a prime land parcel in central Mumbai for around Rs 2,500 crore and the transaction is likely to be completed within two months.
DLF has already expanded its asset sales programme to Rs 10,000 crore from Rs 6,000 crore earlier, of which it has achieved Rs 4,800 crore in asset sales, thus clawing back around half the equity raised in 2007. The management is now confident of closing transactions worth Rs 3,000-4000 crore in the next six months. This would further augment positivecash flows expected from improved sales booking in the first half of financial year 2013.
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