DLF News

Eleven years on, DLF Express Greens home buyers yet to get possession

Eleven years on, DLF Express Greens home buyers yet to get possession

August 3, 2019 in DLF News

GURUGRAM: Almost 11 years after the launch of DLF Express Greens in Manesar, a large number of buyers of the residential project are yet to get possession of their homes.
The project is one of the three affected by Manesar land scam.
Homebuyers in the project say they are stuck between Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) and DLF, waiting for the verification of their claims more than a year after the Supreme Court deadline.
The court had directed HSIIDC in March last year to verify the homebuyers’ claims within two months. The industrial body was also asked to either complete the projects and hand over the homes to the buyers or refund them their money as applicable.
“But even after 15 months of the SC judgment, HSIIDC has not done anything. It is a paradox that on one hand, SC is asking public sector companies to take over stalled projects and on the other hand, HSIIDC is adding to our misery,” said Raj Rathi, one of the buyers.
Mukul Bajaj, who is heading the buyers’ representations with HSIIDC and DLF, added, “Unless our claims have been verified, we are not even a rightful owner of the flats. The process should have been completed more than a year back. We have no clarity from the developer or the HSIIDC on the issue yet.”
Meanwhile, the construction of the clubhouse and the other finishing work are still pending and homebuyers are unsure whether DLF or HSIIDC will complete the pending work.
HSIIDC’s MD Narhari Banger said the verification of claims is under process. “There are two parts to the claim verification, one from the allottees’ end and the other from the developer’s end. While the allottees have submitted the claims, the developer is yet to submit the requisite information,” said Banger.
“DLF is constantly communicating with us and we expect the process to be completed soon,” he added.
The developer said it has submitted all the required details from its end. “We have submitted all the information required and it can be validated from the fact that more than 600 houses have been already handed over and 70 families are already living there. The delay in the verification is not from our end,” said a DLF spokesperson.

Sources: realty.economictimes.indiatimes.com

DLF-GIC joint venture to build over 2.5 million sq ft mall in Gurugram

DLF-GIC joint venture to build over 2.5 million sq ft mall in Gurugram

June 24, 2019 in DLF News

GURUGRAM: Singapore’s sovereign wealth fund GIC is strengthening its alliance with India’s largest listed realty developer DLF as it seeks to participate in helping build the country’s biggest retail mall of more than 2.5 million sq ft, said two persons with direct knowledge of the development.
The new project, a retail and commercial-led mixed-use development to be known as Down Town, will be constructed on a 23-acre land parcel owned by DLF in Gurgaon. The plot is on the highway opposite DLF’s 2.5 million sq ft commercial project Cyber Park.
“The retail mall will be part of this 8 million sq ft project that will also have component of serviced apartments, five-star hotel and commercial development. The project will be developed in two-three phases in more than five years,” said one of the persons cited above.
The development, to be executed through DCCDL, is expected to supersede the country’s current largest retail development 2.5-million-sq-ft LuLu International Shopping Mall in Kochi and DLF’s own 2-million-sq-ft Mall of India in Noida.
The DLF-GIC joint venture was formed in late 2017 after the promoters of the realty firm K P Singh and his family had sold their stake in rental arm DLF Cyber City Developers Ltd (DCCDL) to the Singapore investment firm.
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In addition to their commercial leasing business engagement, GIC and DLF are already working on a high-rise residential project with estimated saleable area of 7 million sq ft near Central Delhi. This project in Delhi’s Moti Nagar will be DLF’s first residential project under the newly initiated business model of selling ready-to-move-in homes.
“The DCCDL platform in joint venture with GIC has been designed to take the form of a business trust, a private Real Estate Investment Trust (REIT),” said the other person.
ET’s mailed queries to both GIC and DLF remained unanswered.
Under the agreement with GIC, DLF can sell completed, yielding commercial projects to this joint venture or build-to-suite yielding commercial assets for this entity. It can also sell land parcels earmarked for commercial development in the near future to this joint venture.
DLF has already identified certain assets and land parcels for transfer to DCCDL and has been in talks with GIC for the same.
As part of transaction between DLF and GIC in late 2017, the promoter family had sold the entire 40% stake in DCCDL for Rs 11,900 crore or $1.9 billion. This deal included sale of 33.34% stake in DCCDL to GIC for Rs 8,900 crore or $1.4 billion and buyback of the remaining shares worth Rs 3,000 crore or $0.5 billion by DCCDL.
Global private funds, including Blackstone Group, Canada Pension Plan Investment Board (CPPIB), APG Asset Management, Xander Group and GIC, have started investing in the retail sector to diversify their investment portfolios in the country and more funds are eyeing such alliance opportunities.
In one of India’s biggest transactions to help build a property investment platform, private equity major Warburg Pincus last month entered into a $1-billion alliance with Mumbai-based developer Runwal Group to fund retail-led mixed-use projects across the country.
Leasing activity in retail real estate has been on the rise and several prominent malls are witnessing robust inquiries for more space from leading brands. In the absence of incremental supplies, demand is rising as existing occupiers are seeking larger spaces.
Private equity investors have revived their interest in retail real estate, after a few years of reduced focus, as part of a strategy to diversify investment portfolios at a time when consumption levels are on the rise. Indian retail real estate witnessed over 300% year-on-year jump in investments at Rs 1,000 crore during the quarter ended April, showed recent data from Cushman & Wakefield.

Sources: realty.economictimes.indiatimes.com

DLF transfers land worth Rs 330 crore to its joint venture with GIC for settlement of dues

DLF transfers land worth Rs 330 crore to its joint venture with GIC for settlement of dues

June 2, 2019 in DLF News

NEW DELHI: Realty major DLF has transferred a three acre land worth Rs 330 crore in Gurugram to its joint venture with Singapore sovereign wealth fund GIC and is in process to hand over a Noida shopping mall to settle dues. DLF owed Rs 8,700 crore to DLF Cyber City Developers Ltd (DCCDL) as on December 31, 2018.
In December 2017, the realty firm DLF entered into this joint venture with GIC when DLF promoters sold their entire 40 per cent stake in DCCDL for nearly Rs 12,000 crore.
This deal included sale of 33.34 per cent stake in the DCCDL to GIC for about Rs 9,000 crore and buyback of remaining shares worth about Rs 3,000 crore by the DCCDL.
DLF holds 66.66 per cent while GIC holds 33.34 per cent stake in the JV firm DCCDL.
In its latest analyst presentation, DLF has informed that the company has transferred 3.05 acre land parcel near Mall of India, Gurugram for Rs 330 crore.
The 2 million sq ft Mall of India project at Noida in Uttar Pradesh is in process to be transferred to DCCDL at a valuation of Rs 2,950 crore, it added.
Post this transaction, the outstanding amount would come down to around Rs 5,450 crore.
To settle this balance amount by next year, DLF has proposed to sell its stake in its prime commercial project Horizon Centre in Gurugram, Haryana for about Rs 850 crore.
That apart, it plans to transfer its mall at Saket in South Delhi at a valuation of Rs 1,050 crore. Another Rs 1,000 crore is proposed to be settled through transfer of DLF’s commercial land in Chennai, while Rs 1,100 crore would be settled as per the previous contract with group firm DLF Assets Ltd.
DLF is in discussion with the DCCDL for identifying other assets to settle the remaining Rs 1,450 crore dues.
DCCDL currently holds about 28 million sq ft of rent-yielding commercial assets, largely in Gurugram, with annual rental income of about Rs 2,800 crore.

Sources: realty.economictimes.indiatimes.com

DLF’s net profit up 76% at Rs 436.56 crore in Q4 FY19

DLF’s net profit up 76% at Rs 436.56 crore in Q4 FY19

May 25, 2019 in DLF News

NEW DELHI: Realty major DLF Tuesday reported a 76 per cent jump in its consolidated net profit at Rs 436.56 crore for the quarter ended March on higher sales. Its net profit stood at Rs 247.73 crore in the year ago period, the company said in a regulatory filing.
Total income rose to Rs 2,660.95 crore in the fourth quarter of 2018-19 fiscal from Rs 1,845.92 crore in the corresponding period of the previous year.
During the full 2018-19 fiscal, net profit declined to Rs 1,319.22 crore from Rs 4,463.86 crore in the previous financial year. The drop in profit was because of exceptional gain from sale of rental business in the 2017-18 fiscal.
However, total income rose to Rs 9,029.41 crore in the last fiscal from Rs 7,663.71 crore in the 2017-18 fiscal.

Sources: realty.economictimes.indiatimes.com

Hines to pay Rs 900 crore for 49% stake in DLF’s proposed Gurgaon project

Hines to pay Rs 900 crore for 49% stake in DLF’s proposed Gurgaon project

April 19, 2019 in DLF News

MUMBAI: Global realty investment, development and management firm Hines is paying Rs 900 crore to DLF for 49% stake in a proposed commercial project in Gurgaon’s Udyog Vihar. DLF has already entered into a nonbinding term sheet with a fund managed by Hines through its wholly-owned subsidiary DLF Home Developers.
The DLF subsidiary will hold 51% stake in this partnership, while the rest will be held by the fund managed by Hines.
ET was the first to report, on August 27, that DLF was in advanced talks with an investor for this transaction.
The 12-acre plot located close to DLF Cybercity has total development potential of 2.5 million sq ft. The deal values the land parcel at over Rs 127 crore per acre, the highest ever price at which any entity has valued any plot in Gurgaon.
“Hines is looking to expand its business in India, and is in advanced conversations with DLF, among other companies,” a Hines spokesperson responded to ET’s email query regarding the deal. Email query to DLF remained unanswered till the time of going to press.
Last year, DLF had acquired the plot for about Rs 1,500 crore after emerging as the highest bidder for the land parcel put on the block by Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) in a closely contested e-auction.
In October, the company’s subsidiary had signed a non-binding term sheet with Hines for this project. However, the financial terms of the deal are getting finalised now. The company had not disclosed any financial details of the alliance with Hines then as the deal was still being negotiated.
This was an unprecedented price paid ever for a land parcel in the Gurgaon property market. The deal was concluded at a base price of over Rs 127 crore per acre that surpassed all earlier benchmarks.
The project proposed on this land parcel is expected to have a mixture of high-street retail and Grade A offices. According to property consultants, the current selling price in the vicinity for commercial development hovers around Rs 25,000 per sq ft that translates into a revenue potential of Rs 6,250 crore from this project.
This will be the second instance of a development alliance between DLF and Hines. Both entities have earlier developed Horizon One in DLF5, Gurgaon. Hines was a joint venture partner in the 8.50 lakh sq ft development that includes high-end commercial space and a retail and food & beverages hub, Horizon Plaza. The complex counts global corporations such as Coke, Apple and Samsung as key tenants.
Sources: realty.economictimes.indiatimes.com

DLF sells 33% stake in commercial project to Hines for Rs 650 crore

DLF sells 33% stake in commercial project to Hines for Rs 650 crore

April 9, 2019 in DLF News

NEW DELHI: Realty major DLF Tuesday announced sale of 33 per cent stake in its upcoming commercial project in Gurugram to US-based Hines, in a deal size estimated at around Rs 650 crore.
In October last year, DLF had signed a term sheet with Hines to develop a prime commercial project on 11.76 acre land parcel in Gurugram that it bought for nearly Rs 1,500 crore through e-auction conducted by the Haryana government in February 2018.
The realty major’s subsidiary DLF Home Developers Ltd (DHDL) and Hines group firm Green Horizon Trustee have entered into a joint venture (JV) to develop a high-end commercial project in Gurugram, the company said in a statement.
“DHDL will hold 67 per cent stake in the joint venture, while 33 per cent will be held by Hines. Hines has invested about Rs 500 crore in the first tranche,” it added.
According to sources, DLF has struck this deal at a premium of about 25 per cent from the Rs 1,500 crore land value that it paid to the Haryana government.
Sriram Khattar, managing director (rental business), DLF, said, “We are excited about the JV with Hines, this is our second JV with them. With our joint experience, we shall work together to develop world-class buildings which will set new standards for commercial buildings in this part of the world”.
Hines will initially own 33 per cent equity share of the JV with an option to increase its stake to 49 per cent.
“The total investment by the joint-venture partners in this project is about Rs 1,900 crore in accordance with the independent valuation undertaken by a category-1 merchant banker,” the statement said.
The project will be developed on 11.76 acre of land owned by the JV company. The land parcel is located across the highway to the existing business district of DLF Cybercity.
DLF and Hines entered into their first joint venture in 2008 to develop One Horizon Center in DLF-5 Gurugram. One Horizon Center is a marquee commercial development and is home to Fortune 500 multinationals.
Lee Timmins, CEO of Hines Eurasia, said, “Over the past 10 years, Hines and DLF have established a successful partnership, which has laid the foundation for us to come together again and expand the relationship to build world-class developments in Delhi NCR.”
Hines MD and Country Head Amit Diwan said, “This is an excellent location that benefits from great connectivity by road and by metro. It is also in close proximity to social infrastructure like Cyber Hub, The Oberoi and Trident hotels.”
In December 2017, DLF had formed a joint venture with Singapore’s sovereign wealth fund GIC for its rent-yielding commercial assets.
The JV was formed when DLF promoters sold entire 40 per cent stake in DLF’s rental arm DLF Cyber City Developers Ltd (DCCDL) for nearly Rs 12,000 crore.
This deal included sale of 33.34 per cent stake in DCCDL to GIC for about Rs 9,000 crore and buyback of remaining shares worth about Rs 3,000 crore by DCCDL.
DLF and its JV firm DCCDL have together more than 30 million sq ft of commercial assets, largely in Gurugram, with an annual rental income of over Rs 3,000 crore. MJH HRS

Sources: realty.economictimes.indiatimes.com

DLF to invest Rs 750 crore for new commercial project in Gurugram

DLF to invest Rs 750 crore for new commercial project in Gurugram

April 1, 2019 in DLF News

NEW DELHI: Realty major DLF will invest around Rs 750 crore for construction of a new commercial project in Gurugram as it seeks to encash rising demand of office and retail space from end users as well as institutional investors, according to sources. The company has decided to build a new commercial project with 2.5 million sq ft area in Gurugram. It will sell office and retail space in this commercial project, and not adopt lease model, sources said.
DLF has completed and sold a 2.5 million sq ft commercial project ‘DLF Corporate Greens’ located at Southern Peripheral Road in Sector 74A, Gurugram.
Adjacent to the Corporate Greens project, the company has more land parcels where it will build the new commercial property. The construction work would start in few months with an estimated cost of around Rs 750 crore, sources said.
DLF, the country’s largest realty firm in terms of market capitalisation, mostly develops commercial project on lease model to earn rental income. However, some of its projects are on sale model as well.
It has more than 30 million sq ft of leased commercial properties with a rental income of over Rs 3,000 crore.
The bulk of its rent-yielding commercial assets are in the joint venture firm DLF Cyber City Developers Ltd (DCCDL). While DLF owns 66.66 per cent stake in DCCDL, Singapore’s sovereign wealth fund GIC holds the remaining 33.34 per cent.
To monetise commercial real estate, DLF promoters had in late 2017 sold their entire 40 per cent stake in DCCDL for Rs 11,900 crore.
This deal included sale of 33.34 per cent stake in DCCDL to GIC for Rs 8,900 crore and buy-back of remaining shares worth Rs 3,000 crore by DCCDL.
Post this big ticket deal, DLF is looking to develop more commercial projects directly as well as through JV firm with GIC as it is left with limited stock.
DCCDL is developing a 12-acre green commercial project ‘Cyber Park’, with a leasable area of 2.5 million sq ft, in Gurugram at a cost of about Rs 1,500 crore and more such projects are in the pipeline in and around Cyber City and Cyber Hub.
DLF had recently announced development of an office complex on a land parcel that it bagged through an auction from Haryana government. It has tied up with the US-based realty firm Hines for this project.

Sources: realty.economictimes.indiatimes.com

DLF To Invest In Commercial Projects In Gurugram

DLF To Invest In Commercial Projects In Gurugram

September 10, 2018 in DLF News, Gurgaon Investment, Investment News

Realty major DLF will now invest over Rs 1,400 crore to develop a commercial project in Gurugram after the firm received the green nod to expand the office space by nearly 1 million square feet area.

After the Haryana government increased the floor area ration (FAR) under its new TOD (Transit Oriented Development) policy, the DLF applied for the development of increased build-up area in its ongoing Cyber Park project spread over nearly 12 acres.

The environment ministry has given the green nod for the DLF’s proposed expansion project in Gurugram after taking into account the recommendations of the Expert Appraisal Committee, as per the official document.

The approval is subject to the compliance with certain conditions, it added.

As per the proposal, the DLF will now invest Rs 1,439.11 crore to develop the Cyber Park project, as against the earlier estimate of Rs 412.67 crore.

According to the sources, the company will now get a leasable area of around 2.5 million square feet as against earlier 1.7 million square feet.

The construction of this project, which is located close to Cyber City that commands high rental, is in the advanced stage and the company has already pre-leased about 60 per cent of the area, they added.

In the proposal, the DLF has informed that the number of parking will increase to 4,425 from 3,542 cars and would generate employment to 35,532 persons.

DLF, the country’s largest realty firm, is a leading developer of a commercial real estate with a portfolio of over 30 million square feet.

To monetise its rent-yielding commercial assets, the DLF promoters have recently sold 33.34 per cent stake in its rental arm DCCDL for about Rs 9,000 crore. The realty major holds the remaining 66.6 per cent.

Recently, the company has bought 12 acres of land in Gurugram for Rs 1,500 crore to develop another commercial project.

Sources: realty.economictimes.indiatimes.com

DLF Looking For Partner To Build New Commercial Project In Gurugram

DLF Looking For Partner To Build New Commercial Project In Gurugram

August 13, 2018 in DLF News, Gurgaon Investment, Real Estate News

Realty major DLF is in talks with private equity players to raise funds for the development of a commercial property on 11.76-acre land in Gurugram that it recently bought for about Rs 1,600 crore, a senior company official said on Saturday.

India’s largest realty firm could dilute up to 50 per cent stake in this 2.5 million sq ft commercial project, DLF’s CFO Saurabh Chawla said.

In February this year, DLF had bought this land for Rs 1,496 crore in an e-auction conducted by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). After including the stamp duty, the total cost to purchase this land came to about Rs 1,600 crore.

“We bought this land in Gurugram as it was close to DLF Cyber City and was strategic for the company. Now, we are looking for a partner for development of this project,” Chawla told PTI.
He said the company is in talks with many private equity funds and expects to close this deal by September.

Chawla, however, declined to name the private equity players with whom discussions were taking place and also the amount the company was looking to raise for this project.

“This deal would be similar in nature as we did with investment firm GIC for housing projects in Delhi,” he added.

In September 2015, Singapore’s sovereign wealth fund GIC had invested about Rs 2,000 crore in DLFs two housing projects in the national capital.

DLF is a leading developer of commercial properties in the country and has more than 30 million sq ft of rental assets, mostly office space, which it owns directly as well as through JV with GIC.
Its promoters had in December last year sold 33.34 per cent stake in DLF Cyber City Developers Ltd (DCCDL) to GIC for Rs 9,000 crore. DLF holds 66.66 per cent stake in the DCCDL, which holds the bulk of its commercial assets.

DLF said in a presentation that it would build commercial products for sale either to retail customers (B2C) or to DCCDL as investment properties (B2B). It also has the flexibility to hold the property as investment property earning lease rentals.

DCCDL group currently owns and operates a pan-India portfolio of about 27 million sq ft, which is slated to grow more than double in the next 10 years.

“DCCDL shall act as a ‘Business Trust’ – not only will it build its own investment properties (about 25 million sq ft potential embedded in the JV) but shall also have the ability to purchase investment properties, at FMV, being developed by DLF or third parties,” the presentation said.

Yesterday, DLF reported a 56 per cent increase in its consolidated net profit at Rs 172.77 crore for the first quarter of this fiscal. Its net profit stood at Rs 110.70 crore in the year-ago period.

Total income, however, declined to Rs 1,657.67 crore during April-June this fiscal from Rs 2,211.24 crore in the corresponding period of the previous year.

Sources: realty.economictimes.indiatimes.com

DLF Sells Office Space In Gurugram

DLF Sells Office Space In Gurugram

June 18, 2018 in DLF News, Investment News

India’s largest realty firm DLF has sold nearly 50,000 sq ft of prime office space in Gurugram for about Rs 150 crore on account of rising demand for commercial properties from corporates and institutional investors.

DLF, which generally provides office space on lease to corporates, has adopted both lease/sale model for its 12 lakh sq ft office building ‘Two Horizon Center’ on Golf Course road, Gurugram in Haryana.

According to sources, the company has sold about 48,000 sq ft of office space in this project at a basic selling price of more than Rs 25,000 per sq ft to a big corporate house.

Now, the company is left with only a little over 1 lakh sq ft in this project, they added.

The company spokesperson declined to comment on this transaction.

The project ‘Two Horizon Center’ houses Samsung, Harvard Business Review, KIA Motors and Hero Cycles among others.

In 2016, DLF had leased about 3.5 lakh sq ft of office space to Samsung India Electronics in this project.

Two Horizon Center is part of the 12-acre Horizon Center complex that also houses the fully-leased One Horizon Center project, which was developed jointly by DLF and US-based Hines. Horizon Center commands a monthly rental of about Rs 150 per sq ft.

Unlike sluggish housing sector, office segment has been performing extremely well and witnessed several big-ticket deals in the last few years.

DLF promoters recently sold 40 per cent of their stake in rental arm DLF Cyber City Developers Ltd (DCCDL) for about Rs 12,000 crore. The deal included the sale of 33.34 per cent stake to Singapore’s sovereign wealth fund GIC for Rs 9,000 crore.

The promoters monetised stake in DCCDL to infuse funds in DLF for reduction of debt.

While declaring its annual result last week, DLF said that the commercial segment of the business continued to exhibit good growth. Gross leasing achieved during the year stood at 6.76 million sq ft, out of which 5.96 million sq ft was attributable to DCCDL.

Apart from DLF, other players are also monetising their commercial assets.

In April, Essar group sold prime commercial property Equinox Business Parks at Bandra-Kurla Complex (BKC) in Mumbai to global investment firm Brookfield for Rs 2,400 crore.

Godrej Properties had in September 2015 sold 4.35 lakh sq ft office space to Abbott for Rs 1,480 core.

Shriram Properties last year sold its IT-SEZ to Xander in Bengaluru. Prestige group is also in talks with GIC to sell the stake in its office portfolio.

The co-working operators are also taking large office space on lease from real estate developers as demand for shared office space is gaining momentum.

Sources: realty.economictimes.indiatimes.com

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