The Supreme Court on Wednesday directed DLF, the country’s largest real estate player, to deposit Rs 630 crore in the registry within three months. The court rejected the company’s request for a stay on the Competition Commission of India’s (CCI’s) order in a case related to abuse of market dominance. The penalty is a little less than the company’s annual net profit of Rs 646.21 crore in 2013-14. The final court order is yet to come.

Following a petition by flat buyer associations of two DLF projects in Gurgaon — DLF Park Palace and The Belaire — CCI had in 2011 found DLF abusing its dominant position.

India's largest realty firm DLF has sought shareholders' approval to raise up to Rs 5,000 crore through private placement of non-convertible debentures.

In a filing to the BSE, DLF informed that shareholders nod has been sought through postal ballot for reducing borrowing power of the company's board of directors to R30,000 crore from earlier R50,000 crore.

NEW DELHI: India's biggest realty firm DLF is expecting Rs 200 crore rental income per year from its large luxury shopping mall in Noida to be launched early next year.

'DLF Mall of India' with 2 million sq ft of leasable area is being developed in Noida in the National Capital Region at an investment of Rs 1,100 crore and touted as one of the biggest in the country.

DLF, the country’s largest property developer, is looking to bring some office assets under real estate investment trusts (Reits), an official said on Friday, in an analyst conference call.

Reits are pooled investment vehicles for this sector. They are tax-efficient, distributing 90 per cent of the income as dividend.

DLF, India's largest real estate player has reported 29 per cent decline in consolidated net profit to Rs 127.8 crore for the quarter ended June due to lower sales in the quarter.

The net profit stood at Rs 181.2 crore in the same quarter of last year. The total income from operations also declined by 25 per cent to Rs 1,725.2 crore in April-June quarter this year against Rs 2,314 crore in the corresponding period of the previous year.

DLF is planning to raise up to R3,500 crore through the issue of securities backed by IT-SEZs to replace its costlier debt.

In May, DLF had launched the country’s first Commercial Mortgage Backed Securities (CMBS) to raise R525 crore against a shopping mall DLF Emporio in New Delhi.

Real estate developers like DLF, Phoenix Mills and Embassy are studying options to launch Real Estate Investment Trusts (Reits) after Finance Minister Arun Jaitley announced the income they generate will be taxed at the hands of investors.

Apart from real estate developers, global investors such as Blackstone and Brookfield also could look at launching Reits, analysts said.

Fair trade regulator Competition Commission of India (CCI) has ordered a probe against a DLF group company for allegedly imposing unfair and unreasonable conditions on office buyers at one of its commercial projects in Gurgaon. Some other group entities of the real estate major have already faced probe by the CCI with regard to various other cases of anti-competitive practices.

Property giant DLF, which missed its debt reduction target in 2013-14, wishes to sell more properties and land parcels it considers “non-core”, said sources in the know.

As part of the plan, the company is selling its upcoming information technology park in Hinjewadi, Pune, aiming at Rs 300 crore from the sale, they said. DLF wants to use the proceeds to reduce its debt, of Rs 18,500 crore as of March-end. The two million sq ft IT park is under construction and DLF wants to sell as it is a “non-core asset”, said sources.

DLF, the country’s largest real estate entity, has put on hold the delivery of its DLF Riverside luxury project in Kochi, after the Kerala government cancelled its CRZ (coastal regulation zone) clearance, for alleged breaches.

DLF did not officially comment. Sources close to the development said the company was to give possession to the buyers in a few weeks but this would now be delayed by a few months, as the company would have to re-apply for CRZ clearance.

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