Real estate giant DLF on Sunday confirmed that the sale of its hospitality venture, Aman Resorts, to a joint venture (JV) between Peak Hotels & Resorts Group and Adrian Zecha.
DLF sold the chain of luxury resorts for US$358 million (Rs 2,215 crore). DLF had acquired 97 per cent stake in Aman Resorts for USD 400 million (Rs 1,640 crore) in 2007. It gradually hiked its stake in the chain of luxury resorts to
100 per cent.
Saurabh Chawla, executive director (Finance) at DLF, said the sale would allow them to focus on the company's core business of real estate.
A total of ten cities, including Delhi, saw declines of up to 7 per cent in property prices in the July-September quarter, according to the recently released National Housing Bank (NHB) Residex.
As per the NHB Residex, Delhi saw a quarter-on-quarter fall of 4.5 per cent in housing prices in the three months ended September 30. However, housing prices in the national capital increased by 6.7 per cent from the corresponding quarter of last year.
Following Supreme Court’s recent ruling value-added-tax (VAT) on construction projects in Maharashtra, developers said the additional burden would eventually have to be borne by buyers/consumers.
The apex court on Friday upheld a Bombay High Court ruling directing builders to pay government a levy of 5 per cent VAT on sale of houses constructed between 2006 and 2010 in the state.
Stocks in real estate firms enjoyed notable gains in early morning trade on Friday after the Lok Sabha passed the controversial Land Acquisition Bill.
All major players, including DLF, Unitech, Peninsula Land, Anant Raj Industries, Indiabulls Real Estate, and Housing Development & Infrastructure Ltd. gained between 1 per cent and 6 per cent on the Bombay stock Exchange (BSE).
The Congress-led UPA government claims that the Land Acquisition Bill would accelerate the pace of industrial investments and economic growth by making the rules regarding land acquisition clearer.
Stocks in real estate companies suffered notable declines in early trade on Wednesday after the Union Cabinet approved the Realty Bill that proposes stringent penalties on scheming developers to protect buyers.
The Union Cabinet late Tuesday approved the Real Estate (Regulation and Development) Bill, paving way for the establishment of a regulator for the real estate sector.
The Bill proposes to provide a uniform regulatory atmosphere to the reality sector, which has thus far remained unregulated.
Afflict by sluggish economy and declined home sales, real estate developer DLF Ltd on Thursday reported its first ever quarterly net loss for the three months ended March 31, 2013.
DLF announced that it suffered a net loss of Rs 41.9 million (nearly $745,000) for the January-March quarter of this year, adding that its losses of Rs 770 million in its hotel and insurance subsidiaries added to its overall quarterly loss.
The results missed analysts’ estimates. Analysts had projected a net profit of Rs 1.9 billion on revenues of Rs 19.8 billion.
To bare the debts of company, DLF, India's largest real estate firm, has signed definitive agreements according to which it will sell its assets of wind power present in Tamil Nadu and Rajasthan. The company gave a statement that - the transactions are in line with the DLF's objective of divesting its noncore assets.
The Congress-led UPA government is making final preparations to introduce a Bill to create a watchdog for the country's real-estate sector, Housing Minister Ajay Maken revealed on Sunday.
The Real Estate (Regulation and Development) Bill will be introduced in the Budget session followings its approval by the Cabinet. The
Housing Development and Infrastructure Ltd (HDIL)(HDIL. NS) recently realized a 20% fall in its shares. On Wednesday, the company said that a local credit agency has been called by it now so that a ratings downgrade could be reviewed.
HDIL's non-convertible debentures (NCDs) were reportedly downgraded on the day by Credit Analysis and Research Ltd (CARE) (CREI. NS). CARE, the credit agency, had cited ongoing delays in servicing debt obligations.
Property group Songbird, which suffered a massive loss during the year to the end of December last year, has high hopes from the upcoming London Olympic Games.
Songbird, which controls London’s Canary Wharf development, announced that expects the Olympic Games to bring its high-end offices and homes to world’s attention.
The company said in a statement, “The Olympic games will place the East End and Canary Wharf at the forefront of the world’s attention, which is likely to enhance their respective profiles and emphasize the eastward shift of London’s centre of gravity.”