India’s largest real estate firm DLF plans to develop some Delhi real estate properties. The real estate major has sold its Aman Hotel stakes with this purpose.
DLF has sold its Aman Hotel stakes with double purpose. Firstly with the amount the firm will be able to cut off its debt and secondly the firm will be able to begin developing some Delhi real estate projects as well.
Delhi real estate is expected to have some fresh DLF launches within a span of three to four months’ time. This was further firmed when DLF’s Sr. Executive Director Sriram Khattar informed that the firm will begin its Delhi real estate projects sooner.
DLF has just sold its stake in Silverlink Resorts Ltd that controls Aman Resorts. Many hotels such as Amanwana are run by Aman Resorts. Hotel Amanwana, situated close to the Tambora Volcano, in Indonesia’s Sumbawa Province, became famous when late Princess Diana paid her visit.
After spreading over to various business endeavors such as hotels and wind farms, finally DLF plans to concentrate more on real estate again.
They even had expansion- plans to export processing zones too. It seems that their expansion -attempts were not as successful as they were in the real estate sector. This might be what made them return to real estate.
By selling the Arman shares DLF would be able to cut off over one- fourth of its total debt. Further the DLF expects to attract some real estate investors. If so they will be able to move forward with their Delhi real estate projects.
Once the news was out there was a slight rise in the DLF shares. Currently DLF share prices are almost 57% lower than its initial public price. It is counted third among the worst performing shares. With the rise of 0.3 %, at present the market price for DLF shares stand on Rs.225.9. However this is very lower to Rs.525, the initial share prices of DLF.