Bengaluru: Investors will closely watch developments related to DLF Ltd’s plan to partly sell its commercial office portfolio in the coming months, after the country’s largest developer struggled to sell homes in the December quarter and land sales masked poor operations.

In a post-earnings conference call with analysts on Wednesday, DLF’s top officials said that details of the transaction will be shared with prospective investors by the end of this month.

DLF, India’s largest real estate firm, has posted a 24 per cent rise in its consolidated net profit at Rs 164 crore for the December 2015 quarter against Rs 132 crore in the year-ago period on the back of higher sales and one-time gain from stake sale deal with Singapore’s GIC.

Income from operations grew 44 per cent to Rs 2,828 crore during the quarter under review December from Rs 1,957 crore a year ago.

With the sales of residential units having fallen in eight of the past nine quarters, DLF is looking to change the way it sells to customers. The company said it plans to complete the super-structure first before it puts any property on sale.

In the first half of FY16, DLF has been able to sell only 0.5 million sq ft of residential real estate, a 50% decline compared to sale of 1 million sq ft in the same period last year.

NEW DELHI: Realty major DLF has received Rs 1,992 crore from Singapore's sovereign wealth fund GIC, thereby completing the deal to sell 50 per cent stake each in two upcoming projects in the national capital.

The country's largest realty company had in September this year had announced the stake sale in the two projects to GIC. Last month, the fair trade regulator CCI had approved joint venture with GIC for these two projects in central Delhi.

Mumbai: India’s largest multiplex chain PVR Ltd may have to sell some of its screens in Delhi to get clearance for its Rs.500-crore acquisition of DT Cinemas, two people familiar with the development said.

According to the first of the two persons, who did not want to be identified, the Competition Commission of India (CCI) has raised concerns that the deal will give the combined entity a monopoly in certain parts of Delhi.

Realty major DLF’s promoters have bought 23 lakh shares of the company through open market transactions for nearly Rs 25 crore, raising their stakes to 74.99 per cent.

The 23 lakh shares were purchased between November 23-24 from open market, the country’s largest real estate company said in a regulatory filing.

India's largest realty firm DLF today said it has got fair trade regulator CCI's approval for the joint venture with Singapore's sovereign wealth fund GIC, which is investing Rs 1,990 crore in two projects here.

The realty firm would use this fund to boost cash flow and reduce debt, which stood at Rs 22,520 crore as on September 30.

Real estate major DLF can now work to its plan and raise Rs 12,000 crore by selling the promoters’ stake in its rental arm DLF Cyber City Developers. The Supreme Court on Wednesday refused to stay the company’s proposed move to raise money through stake sale.

The Securities and Exchange Board of India (Sebi) had moved the apex court, seeking to restrain DLF from selling its stake. The bench, headed by J Chellameshwar, was not convinced about the regulator’s October 2014 order barring DLF and its top executives from such transactions, according to agencies.

DLF Ltd , India's biggest listed property developer, posted a 21% jump in quarterly profit on lower costs even as home sales are slow to pick up in a recovering economy.

The New Delhi-based company earned 1.32 billion rupees ($20.1 million) for the quarter ended September 30, compared with 1.1 billion rupees last year.

The Securities and Exchange Board of India (Sebi) has moved the Supreme Court, seeking a restraint order on the plans of realty major DLF to monetise its rental properties. The court has admitted the application and listed it for hearing on October 30.

Last week, debt-laden DLF had said some promoter group entities planned to sell about 40 per cent stake in DLF Cyber City Developers, the company holding its rental assets, to third-party investors. The transaction was to raise Rs 12,000-14,000 crore.

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