DLF Plans Land Acquisition in New Gurgaon and Chandigarh

Published: February 4, 2011 at 10:14 AM | Author: Administrator
News Source: Indian Realty News - February 3, 2011

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DLF, the country’s largest real estate company, plans to make an average quarterly investment of 300-400 crore over the next couple of quarters to acquire land in areas such as New Gurgaon and Chandigarh to consolidate its land holding. With demand picking up in the housing sector, the company has already started its investment on land acquisition since the previous quarter. This has resulted in exceeding its capital expenditure by 500 crore during the third quarter of the current fiscal.

"We are focused on both land acquisition and divestment of non-core assets," DLF’s chief financial officer Ashok Tyagi, said in a conference call to its financial investors. Last quarter, the company sold some non-contiguous land, which was not giving much economic value, he added. The company has made 403 crore through divestment of non-core assets during the third quarter of the current fiscal, which took its total realisation from divestments to 2,900 crore.