DLF may cut home prices by 20%
The Times of India, February 03, 2009, Page 21
DLF, India's biggest developer, plans to cut prices of homes by 20% to help lift demand in a slowing economy. DLF expects to introduce the price cuts in new projects over the next three months, vice chairman Rajiv Singh told reporters in New Delhi.
The property developer expects to get as much as Rs 25000 crore ($510 million) selling stake in its unit, DLF Assets Ltd, Singh said.
Meanwhile, another realty firm Parsvnath Developers said it has approached banks for 9-12 months' breather on paying instalments of its existing debt, and plans to utilise the additional liquidity on timely completion of current projects.
"We are asking for rescheduling the ongoing installments for our debts and are requesting for a moratorium of 9-12 months," Parsvnath Developers chairman Pradeep Jain said. The company would utilise the additional liquidity that can be generated out of the adjustments to quickly complete the current projects, he added. The company's net debt as on December 31, 2008, stood at Rs 1,825 crore with an average interest cost of 13.59%.
The Times of India, February 03, 2009, Page 21
DLF, India's biggest developer, plans to cut prices of homes by 20% to help lift demand in a slowing economy. DLF expects to introduce the price cuts in new projects over the next three months, vice chairman Rajiv Singh told reporters in New Delhi.
The property developer expects to get as much as Rs 25000 crore ($510 million) selling stake in its unit, DLF Assets Ltd, Singh said.
Meanwhile, another realty firm Parsvnath Developers said it has approached banks for 9-12 months' breather on paying instalments of its existing debt, and plans to utilise the additional liquidity on timely completion of current projects.
"We are asking for rescheduling the ongoing installments for our debts and are requesting for a moratorium of 9-12 months," Parsvnath Developers chairman Pradeep Jain said. The company would utilise the additional liquidity that can be generated out of the adjustments to quickly complete the current projects, he added. The company's net debt as on December 31, 2008, stood at Rs 1,825 crore with an average interest cost of 13.59%.
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