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DLF arm inks pact with Lodha...To divest stake in DLF Cyber City
DLF Ltd has announced that the Company, along with its three wholly-owned subsidiaries - i) DLF Cyber City Developers Ltd., ii) DLF Universal Ltd. and iii) Jawala Real Estate Pvt. Ltd. ('Jawala'), have entered into an agreement with Lodha Developers Limited ('Lodha') for divesting the entire stake of the Company, DLF Cyber City Developers Ltd. and DLF Universal Ltd. in 'Jawala' for an enterprise value estimated to be Rs. 27bn subject to final adjustments at completion.
The completion is expected by the end of October 2012.
After completion of the divestment, which is subject to fulfillment of certain conditions precedent by the parties and payment of amounts due under the agreement by Lodha, 'Jawala' will cease to be a subsidiary of the Company.
The Company is disclosing the same to ensure transparency though the completion is expected by the end of October 2012.
The above transaction is in line with the Company's objective of divesting its non-strategic assets.
Sahara Group to buy stake in Beverly Hilton hotel: reports
The Sahara Group is in talks with US-based Oasis West Realty to pick up a controlling stake in Beverly Hilton hotel, according to reports.
Reports stated that owner of Oasis, Beny Alagem, had approached Sahara to sell 55% stake in the iconic hotel for about $340 mn ( Rs 19bn)
Oasis plans to add a 170-room, five-star hotel and a 150-condos residential tower to the nine-acre property, says report.
Last month Sahara bought a majority stake in New York's iconic Plaza hotel for Rs 32bn.
In Focus Stories
L&T to construct residential project ‘New Cuffe Parade’ for Lodha Developers
L&T Construction, India’s leading and most respected construction company is set to construct Mumbai’s most transformational residential project ‘New Cuffe Parade’ for Lodha Developers - Mumbai's premiere real estate developer.
Spread across an area of 23 acres, New Cuffe Parade will entail a whopping investment to the tune of `10,000 crore from Lodha over the next 5 to 7 years, making it one of the largest private investments in the Mumbai Metropolitan Region. In its first phase, New Cuffe Parade will comprise of four 63-storey towers, and with over 15 acres dedicated to lush green landscapes it is all set to become Mumbai’s greenest development ever.
New Cuffe Parade is a world-class high-rise that combines eco-sensitive design and materials with contemporary styling and luxury, with due attention accorded to natural topography and the environment. Designed by WOHA, the world’s foremost ‘green’ architects for high-rise buildings, with landscape consultancy from Sitetectonix, Singapore, the project is founded on the principles of ‘responsible luxury’.
L&T Construction’s Buildings and Infrastructure IC (B&F IC) has been offering pioneering solutions in residential buildings that cover design and construction of large townships and high-rise apartments
Domestic News
DLF sells Mumbai plot for Rs27.50bn: reports
DLF has sold its 17.5-acre plot at Lower Parel in Mumbai to Lodha Developers for Rs. Rs27.50bn, according to reports.
Reports stated that the deal involved payment of the first installment of Rs. 5bn on August 13 and final payment of Rs. 22.50bn in October.
In June 2005, DLF had bought the land in Mumbai in an auction from National Textile Corporation for Rs. 7.02bn, report says.
The deal would help the company in bringing down its consolidated debt significantly by the end of current fiscal.
HDIL Q1 cons net profit dips 44%
Housing Development and Infrastructure Ltd has posted a profit after taxes, Minority Interest and Share of Profit of Associates of Rs. 1053.80 mn for the quarter ended June 30, 2012 as compared to Rs. 1894.30 mn for the quarter ended June 30, 2011.
Total Income has decreased from Rs. 5203.50 mn for the quarter ended June 30, 2011 to Rs. 2105.80 mn for the quarter ended June 30, 2012.
Lodha Developers to build 5mn sq ft at Worli: reports
Lodha Developers has reportedly said that it will buy DLF's 17 acre plot for Rs27.27bn.
The company will build 5mn sq ft at Worli, Mumbai.
Lodha Developers will takeover DLF's Rs15bn liabilities as part of deal, report says
City Corporation partners with Swarovski
Vascon Engineers Q1 net profit jumps 128%
Credai to set up realty institution in Ahmedabad
International News
July US housing starts retreat after strong June: reports
New construction of U.S. houses retreated in July after a strong gain in the previous month, according to reports.
Reports stated that Starts fell 1.1% in July to a seasonally adjusted annual rate of 746,000 units.
Starts jumped a revised 6.8% in June to 754,000 units, the highest since October 2008, says report.
Aug. NAHB builder index hits 5-year high: reports
Builder confidence in the market for newly built single-family homes climbed in August to the highest level in more than five years , according to reports.
Reports stated that National Association of Home Builders/Wells Fargo housing market index rose 2 points to a seasonally adjusted reading of 37, the best level since February 2007.