Debt-ridden realty major DLF wants to go back to what it started out doing-build homes in North India. Most of its new projects will be in north India, which makes up 70 percent of its business.
Home prices in the country increased 12 percent, beaten only by Brazil's 23.5 percent and Estonia's 13.9 percent gains.
In a move to reduce debt after a shocking 39 percent drop in net fourth-quarter profit, real estate major, DLF plans to focus on luxury and plans to open two malls in the Delhi NCR region by 2014.
Investors want Infosys and Reliance to use their cash to boost shareholder wealth, while they want debt-laden companies like DLF and Tata Steel to deleverage and improve profitability.
It will be difficult for realty firms to off load their stake in the short run. However, institutions with a long term view on the sector may be interested in buying stake.
The three companies are wholly owned subsidiaries of DLF Ltd.
DLF, the country's largest realty firm, is already facing a probe by market regulator Sebi on an allegation that it has duped a city-based businessman of Rs 34 crore.
The country's largest realty firm DLF today reported 45 percent decline in consolidated profit after tax at Rs 258 crore, for the third quarter ended 31 December.
He did not mix politics and business when he was at a young age. Today, KP Singh realises he made the wise choice.
KK Sinha, a day after DLF's mega Rs 10,000 crore IPO had closed, filed an FIR in the capital saying he had been duped of Rs 34 crore.
Despite expectations that the festive season will bring in the much required demand, it seems like the DLFs and Unitechs of India are not in any revival mode.
Often called Saudi Arabia's Warren Buffett, prince Al Waleed Bin Talal shot into the international investor spotlight when he reaffirmed his faith in a floundering Citibank. He is now interested in India.
DLF has been trying to sell some of its non-core assets, including land parcels, special economic zones and IT parks, to raise Rs 7,000 crore over the next 2-3 years.
The Cabinet approval is a step ahead and paves the way for the Land Acquisition Bill to be introduced in the Parliament. The bill aims to address concerns of farmers who lose their land, help land acquisition for industrialisation and other infrastructural projects.
On Tuesday, two newspapers reported on how the CCI's definition of the term "relevant market" appeared to be on a weak legal ground, according to some experts.
While Jairam Ramesh insisted the bill tried to adopt a "balanced stand" between promoting development and urbanisation and protecting farmers' rights, businesses have greeted the bill with some reservations.<br /><br /> <br /><br />
Rising interest rates, fall in demand and the CCI penalty on real estate major, DLF, seem to have shaken the ground off most developers as concerns about the future outlook start to increase.