DLF gets Rs 93.5 crore from IDFC
against sale of Noida IT Park
India’s largest realty firm DLF today said it has received Rs 93.5 crore from
IDFC as final instalment for acquiring an IT Park project in Noida.
In November 2011, IDFC had bought 100 per cent stake in
Galaxy Mercantile, which was a joint venture between DLF’s subsidiary DLF Home
Developers and realtor The 3C Company.
DLF Home Developers had 71 per cent stake in the JV, which
owned an IT Park in Noida comprising 1.3 million sq ft area. In December 2011,
the JV firm had got Rs 200 crore from IDFC as first tranche of payment.
In a filing to the BSE, DLF said that DLF Home Developers
Ltd (DHDL) received its final tranche of payment of Rs 93.5 crore on the sale
of balance shares of Galaxy Mercantile Ltd.
“In November 2011, IDFC had contracted to acquire 100 per
cent stake in the JV company owning 1.3 million sq ft IT Park located in Sector
62, Noida, Uttar Pradesh,” the filing said.
The above transaction is in line with the DLF’s objective of
divesting its non-core assets.
The company has raised about Rs 10,000 crore over the last
few years through sale of non-core assets that included land parcels, IT parks,
wind energy venture and hotel business.
Last month, DLF had sold its luxury hospitality chain
Amanresorts to its original founder Adrian Zecha for USD 358 million (about Rs
2,200 crore).
The Amanresorts deal coupled with Rs 676 crore refund from
the settlement of dispute with the Delhi Development Authority (DDA) on the
Dwarka Convention Centre project helped DLF to reduce its net debt by over Rs
2,500 crore to Rs 17,400 crore.
DLF has a total developable potential of 312 million sq ft
and out of that 60 million sq ft of projects area was under construction at the
end of the December quarter.
The company’s sales bookings rose 46 per cent to Rs 3,760
crore during April-December period of this financial year despite a slowdown in
the real estate market.
It booked a pre-tax loss of Rs 400 crore in the settlement
with DDA for Dwarka project, which it bagged in 2007 but was later scrapped.
The provision of loss dragged the DLF’s consolidated net
profit by 49 per cent to Rs 145 crore for the third quarter of this fiscal.
Source: The Economic Times Mar 11, 2014
Infrastructural development boosting growth of Greater Noida
With a lot of world-class infrastructure in place, many
experts are now saying that Greater Noida has surpassed the developments in
other NCR cities like Gurgaon and Faridabad.
Multiuse residential and commercial projects are registering
an equal amount of construction around the different pockets of Greater Noida.
Located in Gautam Buddh Nagar district of Uttar Pradesh,
Greater Noida has developed a lot and is in constant news for emerging as an
ideal real estate location for investments and end use. Residential development
of Greater Noida West, infrastructural developments like SEZs, commercial
sectors, retail space, and hospitality industry have all taken the this city to
great heights.
Sectors like KP3, KP5, and Tech Zone have established
industrial set-ups in the vicinity located near India Expo Mart, these are well
connected to the Yamuna Expressway. There is a proposal to extend the Metro
rail, from Dwarka-Noida City Center to Pari Chowk, which will give direct
connectivity to Delhi and other NCR areas.
Rama Raman, chairman and CEO of GNIDA, says: “There is a
plan to run a fast 60km Metro (Airport Metro) line, which will directly connect
to the IGI airport-to be covered in 50 minutes, the route will connect Greater
Noida via Bodaki, Pari Chowk, expressway’s Sector 93 to Badarpur and
Chhatarpur.”
This fast Metro connectivity is expected to be in place by
2021. The average speed of the fast Metro will be 90km per hour. There will be
six stations and 8 lakh passengers are expected to use it every day. Work on
the much-awaited 29km-long Noida-Greater Noida Metro link is expected to start
soon as the UP government has already given approval to the recently-formed
Noida Metro Rail Corporation (NMRC). The authorities of Noida and Greater Noida
have started to raise funds for these projects. The authorities will raise 50%
of the total fund while the rest is expected to come from the Union government.
GNIDA is planning to set up its own power plant to provide
24-hour quality power supply. A 315MW power sub-station is going to be
commissioned in March, while construction of a pipeline from Dehra to Greater
Noida via Upper Ganga Canal is almost complete. Greater Noida will get 85
cusecs of water from this pipeline.
Major land bank
The huge land bank of the city is attracting developers to
the area; many of them are bringing in novel concepts in engineering, design,
and amenities to pull buyers from India and abroad.
Greater Noida is spread over 36,000 hectares. According to
the draft master plan, 58,000 hectares will be included to the existing area.
For this, 188 new villages have been included in Master Plan-2031, while in
Master Plan-2021, there were 124 villages. With this, the total area of Greater
Noida will swell up to 94,000 hectares, spread over 324 villages. This is
expected to satisfy the land requirement for future developments over the next
20 years.
Forthcoming Infrastructural Projects
Proposal for GNIDA’s administrative block in KP-4 on 8
acres; cost Rs 300 crore
A medical college-cum-university with a 500 bed hospital in
Gautam Buddh University over 511 acres along the
Yamuna Expressway; cost Rs 500 crore
Plan to improve the facilities in the newly-operational 350
bed multi-specialty hospital near GB University
Proposal for a convention centre—a mini-Connaught Place—in
KP-3 on 31 acres
A heliport on 25 acres in KP-3
A 33KV sub-station
Work on the night safari park and the 1,483km-long DMIC to
resume. The night safari park has been planned over 150 acres near Murshadpur
Reserve Forest along the Yamuna Expressway; the estimated cost of the project
is around Rs 102 crore.
Source: The Times of India Mar 11, 2014