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Construction : Web Exclusive | January 2013 | Source : Construction Update

DLF plans around 7 mn sq ft residential projects next yr

A top executive of real estate giant DLF is quoted as saying in a media that the firm may launch 6 to 7 million sq ft of residential space in the next financial year.

The company expects the projects to be a combination of mid-level and premium properties pegged at Rs 1-2 crore and above. The company is not looking at Rs affordable’ homes as yet. In commercial or office, it’s planning to launch 3 to 5 million sq, reports suggest.

Meanwhile, the firm is in the process of reducing its debt level by selling its non-core assets. It aims to cut net debt to Rs 18,000 crore by the end of March, from Rs 23,220 crore as of September 30, 2012.

In order to repay debt, the firm plans to sell some more non-core assets it has in the form of unused plots across the National Capital Region and other parts of the country, and a few hotels as well. ft and in retail aroud 3 to 4 million sq ft in 2013-14.

It may be recalled that the firm successfully concluded the deal to sell Aman Resorts and the Mumbai NTC Mill land in the last few months in order to repay debt.

Reduction in interest cost due to the already lowered debt level, higher yield from leasing office and retail space, and mandatory offloading of promoter stake to 75 per cent in line with the norms of the Securities and Exchange Board of India are all expected to help cut debt further, according to executives.

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