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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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5/28/12 7:re cracks in DLF alone or is real estate sector suffering from strategic mistakes? - Economic Times
Page ttp://articles.economictimes.indiatimes.com/2012-03-11/news/31143344_1_dlf-estate-sector-real-estate
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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5/28/12 7:re cracks in DLF alone or is real estate sector suffering from strategic mistakes? - Economic Times
Page ttp://articles.economictimes.indiatimes.com/2012-03-11/news/31143344_1_dlf-estate-sector-real-estate
Auto Expo 2012: Maruti tolaunch 4 new cars acrosssegments this year
Infosys staff to get steep cutin variable pay post salaryfreeze
Maruti Suzuki Ertiga launcat starting price of Rs 5.89lakhs
Forex reserves crucial for helping rupee: India
Forex
Sony to hire 500 people in India in 2012-13
Audi e-bike: A bicycle that runs at 80 kmph
SBI offers switch to new home loan rates; 6 l
to benefit
Micromax unveils tablet PC 'FunBook' at Rs
6,499, based on Ice Cream Sandwich OS
TVS Motor launches new Apache RTR 2012
bike series
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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7/31/2019 DLF Sobha Land Bank
4/4
5/28/12 7:re cracks in DLF alone or is real estate sector suffering from strategic mistakes? - Economic Times
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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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