DLF, the country’s largest property developer, expects to garner Rs2, 000 crore over the next 12-18 months by selling land parcels and refunds from state governments on lands it wanted to return. DLF needs to pay Rs1, 666 crore in debt repayments by March 2011. It has repaid Rs1, 224 crore so far in the current financial year.
The land parcels include those in New Gurgaon and hotel properties in West India, among others. The company is in negotiation with the Delhi Development Authority (DDA) for refund of money paid for the Dwarka Convention Centre and with the Tamil Nadu government for the Tidel Park.
DLF has garnered Rs 413 core in the September quarter and a total of Rs 707 crore in the first half of 2010-11 by selling stake in its retail brand business and surplus land in some cities. In 2009, DLF had announced its plans to raise Rs5, 500 crore through the sale of non-core, to reduce debt on the books. The company said it had reached the half-way mark in its divestment target in the last 18 months.
The company has a net debt of Rs19, 913 crore as on September 30. It has an average cost of debt at 10.5 per cent and net debt equity ratio of 0.73. DLF said it would continue to target a net debt equity ratio of 0.5 in the coming quarters.
| Company Name | CMP |
|---|---|
| Lodha Developers | 875.75 |
| Dilip Buildcon | 450.60 |
| DLF | 607.70 |
| Oberoi Realty | 1724.10 |
| Ahluwalia Contract(I | 866.35 |
| View more.. | |
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