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DLF to sack 300 workers

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DLF Ltd. has requested its 300 workers from all its centers and secondary firms to resign because it has decided to condense its venture implementation particularly in Tier II cities. This is because of diminution in demand and costly borrowing.
DLF Executive said to www.propertykhazana.com that, “We have requested 300 workers to depart, before company had decided to cut down in number but next it just decreased the number. Management has not yet planned to bring down the rates of losing business to competitor and has decided to construct less or no offices or malls where there is low demand.” DLF had businesses focusing only in NCR, particularity in Gurgaon, but the realty explosion from the past 5 years has explored the activity across the country. Company is carrying out the business through mass of secondary and its activities in all sectors comprising residential, commercial, retail and SEZs.
Most of the developer’s encashed the boom and as a safe attempt many invested on land for future ventures, unfortunately, the raising intrest rates has cut the customer intrest and many fear for the commitments. Commercial and IT space is experiencing oversupply in some sack effecting leasing. High interest rate has made borrowing costly for developers and average developer’s bank credit is unavailable.
As told by the source at the www.propertykhazana.com Realty major DLF biggest issue currently is to gather funds for its subsidiary DAL, which had purchased all commercial properties of DLF. International Fiscal turmoil forced DAL to postpone its listing in Singapore and the firm has not been able to hike funds to pay back to DLF, for the properties purchased. For more updates on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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