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5/28/12 7:re cracks in DLF alone or is real estate sector suffering from strategic mistakes? - Economic Times

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Are cracks in DLF alone or is realestate sector suffering from strategicmistakes?Kamya Jaiswal, ET Bureau Mar 11, 2012, 07.10AM IST

Last September, Veritas Investment Research created a

flutter when it predicted Kingfisher Airlines was on the brink

of bankruptcy. A couple of weeks ago, the Canadian

research firm claimed DLF is "a crumbling edifice." But this

time, its analysis hasn't got the media and sector experts

gasping.

Most have shrugged off the claim that DLF shares are worth

Rs 100 a piece as an exaggeration. As a stock analyst said,

"It's the same old story." DLF is facing scrutiny from both

Sebi and the Ministry of Corporate Affairs. There is a larger

question at play though.

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Is DLF an outlier or are its alleged problems representative of the real estate sector? Are other developers

also guilty of similar strategic mistakes? Here's a comparison of DLF's alleged weak points with five

competitors that reveals fissures across the sector but confirms that the deepest cracks are in India's larges

real estate company.

Local Focus

The Veritas report claims DLF's over exposure to Gurgaon is a risk, especially as that market is speculative.

But others also have land banks concentrated in one or two cities. The only exception: Unitech.

"Globally, real estate is a local business. Companies focus on specific areas and develop expertise in that

particular market. During the economic boom of 2006-7, major realty companies did try to diversify. But afte

the slowdown, most went back to their core markets where they could maximise profit," says Anshuman

Magazine, chairman and MD, CB Richard Ellis, South Asia

Long Bust List

IN-DEPTH COVERAGE

BSE NSE

189.15

0.37 % 0.70

Vol: 6412 shares traded

189.10

0.37 % 0.70

Vol: 39410 shares traded

Prices |Financials | Company Info | Reports

DLF Ltd.

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DLF has exited many grand deals that regularly hit headlines. Says a sector expert who doesn't want to be

named: "They go overboard in announcing big plans. So the duds end up generating a lot of buzz." The

Veritas report lists several stalled expansion plans. But other developers have also exited projects, though

launched with lesser fanfare.

DLF

--> JV with Hilton to open hotel chain ends

--> Silverlink Resorts up for sale

--> Exits plans to build mega townships in Bidadi, Karnataka and Dankuni, West Bengal

--> Exits plans to build a mega convention centre in NCR in 2009

Unitech

--> Andhra Pradesh government scraps allotment of 1,750 acres of land to build a knowledge city

--> Quits New Kolkata International Development (NKID) Pvt Ltd, a special purpose vehicle (SPV) formed to

develop several large projects in West Bengal

Oberoi Realty

--> Shelves Goregaon Oberoi Educational Complex project

--> No further progress on Oberoi's Adarsh Nagar Redevelopment Project

Prestige Estates

--> Prestige Sunnyside Residential Project in Bangalore yet to take off

Debt Pile

This one's a bummer for DLF. With debt of roughly Rs 22, 000 crore in its books last September, not just

Veritas, other experts have also rung the alarm bell. Says a stock analyst who wishes to remain anonymous

"For the past couple of quarters, the company's cash flows haven't been enough to meet the interest cost of

the debt.

That is why, even though other developers have debt on their books, it is DLF we are most worried about."

Rajiv Sahni, partner, real estate sector, Ernst &, India, says debt is not all bad: "If there are projects in the

pipeline which generate additional cash flow in the immediate future, taking on some short-term debt can be

handy."

Shedding Flab year, India's second-largest developer, Unitech, announced plans to offload hotels, IT parks

Real Estate
http://articles.economictimes.indiatimes.com/keyword/real-estatehttp://economictimes.indiatimes.com/topic/Ernst%20&%20Younghttp://economictimes.indiatimes.com/topic/NCR


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and SEZs to reduce its debt burden. DLF has been criticised for not formulating an effective strategy for

reducing debt. But for the past few months, it has been offloading non-core assets at a brisk pace. Some of

the recent and planned deals include:

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--> Sold IT SEZ in Pune to private equity firm Blackstone for Rs 810 crore.

--> Sold a 28-acre plot in Gurgaon to developer M3M India for Rs 440 crore

--> Sold 10.8 acres in Gurgaon to a Dubai-based investor for Rs 280 cr

--> Sold stake in a 50:50 joint venture (JV) with Mumbai-based Ackruti City for over Rs 200 crore

--> In talks to sell the wind power business to raise roughly Rs 800 crore

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2012 Bennett, Coleman & Co. Ltd. All rights reserved Index by Keyw|Index by Date

Readers' opinions (11)

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12 Mar, 2012 01:35 PMShankar Venkat(Singapore, Singapore)

People in position of power do not want to let go. And Naik is typical of this syndrome for all the talk of ProfessionManagement. He does not want to let go off L&T, and did not want Ravi Uppal as his successor. Instead he wantean 'Yes' man, despite the fact that Ravi Uppal could have taken L&T stocks higher.

12 Mar, 2012 01:31 PMSoma Visal(Chennai)

Generally, most of the realtors are said to be cheaters, in one way or the other. While booking, they promiseheavens under which you can live ever happily. The project itself will take more t ime than assured to commence.During the progress of the project, many changes will be there. Nothing will neither be let known to the consumersnor any concurrence requested. Nothing needed to elaborate regarding delivery schedules. No compensation willbe paid for the delays. As there is no meahcnism to check out and warn the builders/alert the consumers, theconsumers are always at the receiving end. This phenomena is not only in India. Cases of promoters running awaafter collecting considerable advances are also reported elsewhere.

14 Mar, 2012 06:22 PMKVSKumar(Mumbi) replies to Soma Visal

It would more apt if put this way: GENERALLY MOST OF THE REALTORS ARE POLITICIANS ORTHEIR BENAMIES. Am I right?

12 Mar, 2012 02:50 AMVijay(Gurgaon)

Govt should put some checks and balances in place. How could builder delay the existing projects and buy landswith the money they are getting by sale of existing projects. So many projects from Unitech are delayed. Why govis not taking any action?

11 Mar, 2012 10:16 PMhh(uae)

"N" No of agencies can scrutinise DLF, but nothing will come up, except a clean chit ! DLF have a strong politicalgod father, Mr Wadhera ! How many thousand crores DLF looted from the public at the time of their public issue ?any of the agencies reported above are concerned ?

11 Mar, 2012 08:37 PMRamesh(Delhi)

Builders have reach to a point of no return. They need to improve their sales by lowering their prices and make itaffordable to the common man. Just sitting on their land bank (valuation is questionable) and loans taken atcheaper rate from banks will not help them. They are still buying land banks instead of repaying the loan to the

banks.All real estate buyer should hold their buying decision unless the prices are affordable. Credai is a cartel ofbuilders. Their is no low for the end users. All agreements are favoring the builders.

13 Mar, 2012 07:02 AMT.G.Ramachandran(Coimbatore) replies to Ramesh

I fully agree with Ramesh.There should b a regulator for reality sector but govt won't take anyaction, since many politicians r involved in shady deals.Affordable housing is the need of the hourand for that there need to b a constant drive against black money!

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