INDIANTAGS.COM
Express Yourself
In order to leverage opportunities in the middle-income housing segment, country’s largest real estate company DLF Limited and investment major Merrill Lynch have tied up hands to develop residential townships in Chennai.
As per industry estimates, about 2-lakh residential units will be built for the middle income group in seven big cities. The cost of such units would be between Rs 10-Rs 25 lakh.
For the purpose, DLF Limited has diluted 49 per cent equity stake at a premium, in seven residential projects to a Merrill Lynch & Co. entity in consideration of Rs 1481 crore. The move has created waves of excitement in the Chennai Real Estate markets that has potential to be a strong base for launching such initiatives.
Along with Chennai, middle income residential projects, will also be developed in Bangalore, Kochi and Indore. According to industry sources, these projects scheduled to be completed in 7-8 years would be able to supply a considerable space in the residential segment.
In a related but separate transaction, DLF has also diluted 49 per cent of its equity stake at a premium, in another middle-income residential properties project in Panchkula, Haryana to Brahma Investments, for a consideration of Rs 194 crore.
Speaking on the development, Mr TC Goyal, MD, DLF Ltd, said, "as a part of its strategic objective, DLF continues to remain focused on keeping its net economic interest in residential property business to a ten year development horizon. Accordingly, these two transactions shall help DLF unlock its investments in land resource for the eight projects and also help in increasing rate of return to DLF shareholders. Besides resulting in positive NAV accretion for DLF, the transactions would provide good returns for the PE investors."
Mr Timothy Grady - MD & Head Global Commercial Real Estate Asia Pacific, Merrill Lynch said "we are delighted to partner DLF for their focused expansion in the residential property segment. This partnership and these projects reflect our continued support and belief in India."
As per industry estimates, about 2-lakh residential units will be built for the middle income group in seven big cities. The cost of such units would be between Rs 10-Rs 25 lakh.
For the purpose, DLF Limited has diluted 49 per cent equity stake at a premium, in seven residential projects to a Merrill Lynch & Co. entity in consideration of Rs 1481 crore. The move has created waves of excitement in the Chennai Real Estate markets that has potential to be a strong base for launching such initiatives.
Along with Chennai, middle income residential projects, will also be developed in Bangalore, Kochi and Indore. According to industry sources, these projects scheduled to be completed in 7-8 years would be able to supply a considerable space in the residential segment.
In a related but separate transaction, DLF has also diluted 49 per cent of its equity stake at a premium, in another middle-income residential properties project in Panchkula, Haryana to Brahma Investments, for a consideration of Rs 194 crore.
Speaking on the development, Mr TC Goyal, MD, DLF Ltd, said, "as a part of its strategic objective, DLF continues to remain focused on keeping its net economic interest in residential property business to a ten year development horizon. Accordingly, these two transactions shall help DLF unlock its investments in land resource for the eight projects and also help in increasing rate of return to DLF shareholders. Besides resulting in positive NAV accretion for DLF, the transactions would provide good returns for the PE investors."
Mr Timothy Grady - MD & Head Global Commercial Real Estate Asia Pacific, Merrill Lynch said "we are delighted to partner DLF for their focused expansion in the residential property segment. This partnership and these projects reflect our continued support and belief in India."
INDIANTAGS is social news submiting site.vote for best stories
Watch Football Live Streaming
I went to this site and was really impressed with it. Lots of features and...Ramsey Gemstones is an excellent place to find the diamond jewelry you are...Coral Calcium Direct is an excellent place to go when you want to find a...Precision Disc Manufacturing Corp. provides full service CDR duplication,...Ventrilo server hosting services from DarkStar Communications. DarkStar is...I was looking for some replacement parts for my pool and found these guys....Good information for people having problems with the Kugel hernia patch....
actress
amazing
antispyware
australia
bollywood
business
celeb
celebrity
chelsea
cricket
download
england
epl
football
free
health
highlights
hindi
hollywood
hot
india
ipl
kollywood
live
live stream
live streaming
live tv
match
movie
movies
mp3
music
news
online
pakistan
ringtones
seo
soccer
songs
sports
spyzooka
sri lanka
stream
tennis
tv
video
vs
watch
world
2008
© Copyright 2007 IndianTags. All rights reserved.
Comments