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

DLF targets Rs 6,000 sales from Rs 3K cr new projects

On construction of various projects, realty major DLF will invest about Rs 3,000 crore this fiscal and is targeting sales booking of more than Rs 6,000 crore. The company Group Chief Financial Officer Ashok Tyagi said that the company is looking at sales booking of 8-10 million sq ft (msf) worth Rs 6,000 crore in 2013-14. Last year, the company did sales booking of 7.23 msf worth Rs 3,900 crore, he said.

Higher sales realisation will come from existing projects like Crest in Gurgoan phase-5 and new projects in Lucknow (Uttar Pradesh), Panchkula (Haryana) in north India and Chennai in south India among others, he said. DLF, the country's largest listed developer, said it aims to bring down net debt to Rs 19,000 crore by June, and reduce it further to Rs 17,000 crore by end of this fiscal.

The company is aiming to reduce its debt to Rs 19,000 crore by June with the help of funds raised from the recently concluded Institutional Placement Programme (IPP), Tyagi said. DLF has raised Rs 1,863 crore through the issue of over 8.1 crore fresh shares to institutional investors, enabling it to dilute promoters stake to 75 per cent in line with market regulator Sebi's minimum public shareholding norms.

DLF said that it will focus on bringing down the debt level by 50 per cent in the next three years and see free-cash flow remains positive by 2014-15 fiscal.

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