DLF reduces debt by Rs 2,000 crore, launching new projects
The company had also said it continues to make steady progress on the balance non-core assets divestments, which include Aman Resorts and Wind businesses and "is very confident of their closure within the FY'13".
In the country's biggest realty deal this year, DLF had sold 17 acres of prime land in Mumbai to Lodha Developers for Rs 2,727 crore, almost four times higher than the price it had paid in 2005 on purchase.
Stating that the "worst is behind" it, DLF said: "The company is now well positioned to 'take-off' as it moves towards new launches in excess of 9 million sq ft during the
second half of FY'13
Given previous successes, focus on plotted launches is to continue." Out of the planned new projects, 8.5 million sq ft of luxury and premium group housing properties will be launched in Gurgaon. Bangalore and Lucknow or Mullanpur will also see 1 million sq ft of new launches each, it added.
DLF further said launching of 'high impact' projects may have positive impact on the financials of this fiscal, and will give "high degree of visibility of cash flows and
earnings" over the next 3-4 years.
For the new launches, necessary approvals from required authorities, planning and cost estimates are continuing as per schedule, the DLF presentation said.
"All headwinds in the form of escalated interest costs, cost inflations and scarcity of labour (delayed execution) are behind us. Large number of previous projects (about 15 million sq ft) are getting delivered in H2 of FY'13," it added.
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