To reduce debt DLF is all set to sale Gurgaon Plot

As DLF India’s biggest realty developer is going through under heavy debt, so to reduce debt burden by selling its 13-acre plot in Gurgaon. Approx 1 million sq ft of commercial space can be built on the plot that is expected to fetch 300crore for the firm. A senior official of company said that DLF is looking for few large corporates and a high net worth individual (HNI).
He added that DLF is asking for a price of 2,800 to 3,000 per sq ft. The plot is located in the outskirts of the Gurgaon which is connected to the National Highway 8 with the MG Road.
However after the several tricks debt levels have remain constant comparatively previous quarter. DLF’s net debt increased by 100 crore in the June quarter to 21,524 crore.
The company had said that it plans to sell developed assets, including IT parks and its hotel business as well as hotel plots to raise about 7,000 crore over the next two years. Debt is not the only wound under which DLF is suffering on the other hand The Competition Commission of India (CCI) has also penalized to DLF for Rs.630crore for irregularities in business also imposing unfair conditions to home buyers in its agreement.