DLF has raised around Rs 1,000 crore through sale of land parcels across four cities in the past 4-5 weeks and is on course to close more such deals
worth another Rs 500 crore in the coming weeks, two company executives said.
This is in keeping with the country’s largest real estate developer’s announced objective of raising Rs 5,500 crore through asset sale and use these funds to halve its Rs 14,000 crore debt by the end of this fiscal.
DLF has sold off land parcels in Mumbai, Baroda, Gangtok and NCR. The plots in Prabhadevi, Mumbai and Baroda were not marked for any specific purpose, as the company hadn’t paid government fees and obtained licences for any specific use. DLF has sold a hotel project in Delhi and another in Gangtok.
More : economictimes.indiatimes.com
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Realty major Parsvnath Developers is understood to have raised Rs 225 crore through equity sale of two of its projects to private equity investors and plans to utilise the funds to reduce its Rs 1,600-crore debt and meet construction costs.
Sources said the company had closed two transactions — one worth Rs 150 crore and another Rs 75 crore — with private equity firms. The company has sold stakes in its two projects located in the national capital region (NCR). When contacted the company’s spokesperson declined to comment.
With these two deals, Parsvnath has raised over Rs 500 crore in the last
Realty major Parsvnath Developers is understood to have raised Rs 225 crore through equity sale of two of its projects to private equity investors and plans to utilise the funds to reduce its Rs 1,600-crore debt and meet construction costs.
Sources said the company had closed two transactions — one worth Rs 150 crore and another Rs 75 crore — with private equity firms. The company has sold stakes in its two projects located in the national capital region (NCR). When contacted the company’s spokesperson declined to comment.
With these two deals, Parsvnath has raised over Rs 500 crore in the last
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The Delhi government is ready with a new property Bill, which through a computerised single-window operation envisages a method of foolproof land registration to minimise any chance of fraud during transaction.
This new system will now provide titles to a property owner, replacing the present practice of registration of sales deeds. While the present system is not inaccurate, the new method has a more consolidated approach to ensure undisputed ownership – doing away with the rampant practice of acquiring property by registering fake sales deeds.
In the new system, the government will become guarantor for a property when it provides
The Supreme Court has summoned the chief secretaries and revenue secretaries of Delhi, Haryana, Punjab, Uttar Pradesh and Maharashtra to evolve a formula to stop the misuse of the power of attorney facility in the sale of property.
According to the court, power of attorney sales impact government revenue and benefit the land mafia. Though this system started in the national capital to circumvent rules governing the sale of plots and flats of the Delhi Development Authority, it has spread to other states. An attempt to pass a law to control the menace was unsuccessful.
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