The Hindu Business Line : DLF net profit at Rs 1,515 cr in Q1

RealtorDLF Ltd today reported a consolidated net profit of Rs 1,515.48 crore on a turnover of Rs 3,120.98 crore for the first quarter ended June 2007, “All our businesses have performed well and there has been an increase in volume in case of office, retail and high end residential space. We see mid-income housing projects as a thrust area for us going forward,” the Vice-Chairman, Mr Rajiv Singh told reporters, adding DLF plans to develop 20 million square feet through the fiscal year. Work on the middle-income housing projects will start in the quarter (July-September).

Mr Singh said he expected the value of the middle income housing projects to be Rs 8,000 crore per year. The middle-income houses, planned initially in cities such as Chennai, Bangalore, Indore, Chandigarh, and Kolkata, would typically be 3-bedroom apartments costing between Rs 45 lakh-Rs 50 lakh. “In fact, (our projects in) Gurgaon started as middle-income houses and became premium, and same was the case with Greater Kailash (in New Delhi).”. Mr Singh said he saw housing loan interest rates stabilise in the near term and falling over a period of time. “Upper single digit would be the right rate... considering the future of the economy.” The companyowns 13,000 acres or 625 million square feet of land bank.

– Our Bureau

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