During the quarter, DLF
launched independent floors in DLF
City, which was absorbed in record time. New Sales bookings for the quarter rose to Rs 1,022 crore, reflecting a 40 percent yoy growth.
While DLF is accelerating new launches and is focused on creating a healthy pipeline of diversified offerings, it is also tightening costs. During the quarter, it added Rs 115 crore in cash flow, while it's net debt was brought down by Rs 5,100 crore.
Collections in its office business remained strong, at 98 percent, while it's overall retail business is witnessing steady recovery. "All our malls are witnessing increased footfalls and better spend per footfall", it said.
During the quarter, DLF Cyber City Developers entered into a securities purchase agreement with funds managed by Hines for acquisition of their stake in Fairleaf Real Estate, which manages One Horizon Center in Gurugram, for Rs.780 crore.
DLF CEO retires:
DLF Ltd. wholetime director and chief executive Rajeev Talwar is scheduled to step down from the positions on 31 March, the company informed the Bombay Stock Exchange today. Talwar, who has been a wholetime director at the realty major since February 2014, was later elevated to the position of CEO in August 2015. According to the company, the board of directors have today accepted Talwar's request for retirement from DLF.
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