DLF back on hiring ways

Written by Agencies | New Delhi | Updated: Oct 29 2009, 23:07pm hrs
Buoyed by the recovery in the real estate sector, realty giant DLF today said it will hire people to sustain growth of the company.

The countrys largest realty company had trimmed staff count last fiscal due to the slowdown.

We are a growing company, we will be hiring people.

Nothing very unusual about it, DLF Chairman K P Singh told reporters here on the sidelines of Assocham function.

He, however, declined to give details such as the number of people DLF planned to add and the timeline for it.

Hiring is a process, which always keeps on happening.

Some people go and some people come, he added.

In the 2008-09 fiscal, DLFs headcount was down by 818 people to 2,882 as on March 31, 2009, from 3,700 exactly a year ago, a drop of 22.1 per cent.

Singh, last November, courted controversy when he admitted to laying off of staff only to make a U-turn later.

Asked if the recovery in the real estate sector has picked up speed, Singh sounded a cautious note.

This is gradual and is happening (but) it is too early to say anything. The recent Reserve Bank policies will have certain effect on this issue but the fact is, this real estate demand growth will commensurate with GDP growth, he said.

Singh said RBI should not tighten norms further after raising the requirement for banks to keep the money aside while lending to commercial real estate from 0.40 per cent to one per cent on Tuesday.

I hope they dont tighten up more. Let the growth be stabilised, so far it is not stabilised, he said.

Commenting on sales situation in the sector, Singh said: It is a slow growth. It is a gradual growth. I dont think it is going to jump very suddenly.

He also said prices are expected to rise. When market grows, the prices also tend to grow. But generally we dont do for the heck of doing it."