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The Delhi-based real estate developer had bought the land parcel in the year 2008 from the Andhra Pradesh Industrial Infrastructure Corporation (APIIC). Around 40% of the 350-acre IT Park was allocated for activities that included hotels, housing, commercial office buildings and shopping malls. Several other developers like My Home Industries, Salarpuria Sattva, Puravankara Projects and ITC had also invested in the Game Park project - an ambitious project to boost the real estate of Hyderabad. Properties in Hyderabad have seen a slump and therefore the state government is working hard to promote Hyderabad real estate.
Though DLF was allotted a land in Game park but the real estate developer was unable to develop it as the land fell under Archaeological Survey of India's (ASI) heritage zone. As a result, the APIIC allocated DLF another area within the Game Park which was located near the heritage zone.
DLF, a major player in real estate, has reduced its debt from over Rs 23,000 crore to Rs 18,500 crore in the last few years ago. This year the company hopes to bring the company's debt to Rs 17,500 crore by the end of the current fiscal year.
In an attempt to reduce its debt DLF has sold a number of its non-core assets. Last year the company made non-core sales of Rs 5,930 crore by selling Aman Resorts, wind energy business, insurance business and getting a refund from the government for the Dwarka project. DLF owns about 25 million sq ft of leased office property in Hyderabad, Gurgaon, Chandigarh, Kolkata and Chennai. The properties of DLF generate a rental of about Rs 1,950 crore every year that helps the company to reduce its Rs 12,000 crore debt.
At Makaan.com one can search for DLF properties and Hyderabad properties for buying, selling and renting properties across the India real estate sector.
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