DLF the realty estate giant is planning expansion in India down south as the real property market their indicate growth.
Devendra Yadav, senior vice president-commercial of DLF said that the expansion in Southern India is on the cards as we are already operational in some cities like Bengaluru, Chennai and Kochi. The company is trying to explore the feasibility of launching another project in Kochi after introducing two residential projects in Kakkanad and Vyttila.
Yadav further said that the company has a huge land bank in Kakkanad that measures approximately 10 acres but we are yet to decide whether the project will be a commercial or a residential project. The reason behind this unclear picture is the increasing demand for office spaces in the city due to IT and ITES firms.
Senior Vice-President also said that the DLF group has sold more than 70% of its 185 luxury apartments in Vyttila in Kochi. Out of this nearly half of the project is owned by the NRIs. He further said that the DLF group has kept going inspite of the slowdown in the real estate market in some areas. We have also hopeful to achieve 7% growth in sales in the current fiscal year 2019-20.
Yadav also made a statement and said that the DLF group aims to become a debt-free company this year as the debt has come down by 38% in the last quarter of FY19.