Source revealed at www.propertykhazana.com is, country’s biggest real estate firm DLF is hoping to peel the debt burden of Rs. 22,500 Crores to les than half in the coming years. As part of the plan which has bought down is its total debt to about Rs. 10,000 Crores by 2013 and firm is going to close on a few contracts to sell non-core properties which includes Aman Resorts. The tactics are in the place to decrease the debt by Rs. 6,000 Crores to Rs. 7,000 Crores in the coming 18 months by selling the non-core properties. Non-core properties are been selling out because to bring down the gradually mounting debt and apart from this DLF is also banking on the hiked incomes. If the flow of cash stays good and an auction continues to be in comfortable rate then debt will be dropped down to Rs. 10,000 Crores. When Rajiv Singh was asked about debt reduction plans he said that, “Our tactics are on the track and we are in progress of closing a couple of contracts to sell our non-core properties and I’m sure our efforts will pay us very soon.”
DLF is probably to make Rs. 1,800 Crores to Rs. 2,000 Crores income in 2011-12 from the rentals trade which is developing 15% every year. The net debt rise by Rs. 1,000 Crores in the quarter ended in September 30th to Rs. 22,519 Crores from Rs. 21,524 Crores as on June 30, 2011. It was mainly due to the delay in receiving the payments from the property auctions and company was told that it is trying to bring the borrowings down to about Rs. 19,000 Crores by March 2012. Company raised Rs. 3,000 Crores through property auctions of IT Park in Noida, IT SEZ at Pune and Hospitality business in Aman Resorts. Singh also said that “Company will probably close the contract by next quarter and we have got the bids from many players and all are international firms.” He did not comment on the deal that includes 29 properties of the hospitality chain which has obtained $400 Million in 2007. Company is expecting Rs. 2,000 Crores to Rs, 2,500 Crores from the contract, it has also sold out the non-core properties such as hotels and plots and the company has hiked Rs. 3,480 Crores from the auction and also has announced to hike Rs. 7,000 Crores in the coming 2-3 years.
Source: NIMMA BENGALURU
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