DLF lines up big investment for land buys

Real estate company DLF plans to make an average quarterly investment of 300-400 crore over the next couple of quarters to acquire land in areas such as New Gurgaon and Chandigarh to consolidate its land holding. With demand picking up in the housing sector, DLF has already started its investment on land acquisition since the previous quarter. This resulted in the company exceeding its capital expenditure by 500 crore in the third quarter of this fiscal.

DLF accrued 403 crore through divestment of non-core assets during the third quarter of this fiscal, which took its total realization from divestments to 2,900 crore. At the end of the second quarter, DLF had a debt of around 20,000 crore. It posted a marginal fall in its consolidated net profit at 465.7 crore for the quarter ended December 31 as against 467.9 crore in the same period last fiscal.crackcrack