DLF Reported Profit

30 January, 2008, New Delhi: DLF Ltd. has reported a quarterly consolidated net profit of 21.45 billion rupees ($544.4 million) on Wednesday. It assured that the growth will remain robust on strong demand. Mr. Rajiv Singh, Vice Chairman, told the reporters “There is no decrease in demand. People have realized that while interest rates may not drop in near future, they are not going to go up. They are ready to take (a) commitment”.

Mr. Ramesh Sanka, Chief Financial Officer declared that it is expected that DLF will sell 6000 flats in the mid-income range in the first quarter this year. It will be more than double the number DLF had booked in previous quarter. He said, “There is a shortage of about 20 million flats (in India) … The shortage will continue for next 4-5 years”.
DLF is going to launch a few thousand flats on the outskirts of New Delhi. Apart from that, it will also launch villas, plots and group housing societies in the southern city of Kochi, Goa state, and Panchkula in Haryana. It already has 483 million square feet of residential projects. DLF has also obtained land for the development of mall and commercial complexes in Hyderabad and Pune.
DLF has set a target to deliver 50 million square feet in a year. DLF personnel has declared that DLF is on the way to list its real estate investment trust i.e. REIT in near future. It will be known as DLF office trust. DLF believes that their offer will attract a large number of investors, as they give highest yields than bonds. Along with that they offer capital growth if property markets rise without the volatility of stocks.

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