India’s top brand in the real estate market DLF, revealed their net loss of profit of 11 percent on Thursday. The core reason behind this is the slow rate of sales of their construction and the higher rate of interest along with the rising material cost. According to the sources the volume of property sale is at the snail’s speed as the buyers find it difficult to maintain the Bank’s high rate of interest loans and few others are struggling for the debt interest of various financial organizations. Also there are huge numbers who are delaying due to the lack of financial opportunities. As of now it is been noted that since March 2010 Reserve Bank of India has lifted 13 times the rate of interest in the market. This step was taken as the measure to the towering rate of inflation but on the other hand it will be interesting to see the consequences where most of the lenders are at the final edge of formality to lend to their investors in real estate arena.
With a short note with the Delhi based DLF, they explained that their net share of yield fell off to rupees 3.72 billion for the second quarter of the fiscal scale which was 4.18 billion rupees last year. But there is a marginal increase in the revenue wih 25.32 billion rupees as compared to the recorded of 23.69 billion rupees in the last year. DLF further adds that 254 billion rupees is on the card of outstanding loans at the end of the quarter which was 9.5 percent recorded for previous year. As a measure to come up with this situation DLF is planning to sell a total worth of 650 million USD that includes the opulence chain of Aman resorts costing around 400 million USD.
Source: NIMMA BENGALURU
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