The biggie in real estate developers in India DLF Ltd. told media that its profit sinks down as there is a 93 per cent fall in revenue generation. This figure is estimated in the fourth quarter of the last financial year. The cause responsible for this downturn is the meltdown of the contemporary economy. The biggie has somehow managed to gather a few sales. It has been a very difficult time for this company as the demand for apartments, offices and commercial complexes fell below the expectation predicted by their eminent analysts.
The company also added that their net income has fallen from last year’s 21.8 billion rupees to 1.59 billion rupees in the recent three months. It is a huge difference which shows the dilemma of DLF financial status. It is also reported that this realty giant has cut the home prices of their new projects in Chennai and Gurgaon. This measure is being taken to accelerate the sales of their undergoing projects in many parts of India. At least this attempt will shoot their profits little higher which will be then a great relaxation for DLF.
On the other hand, the government of India has laid down recommendations for banks to lower their borrowing interest rates. Finally the law has come into effect. Presently the government, banks and realty companies are eagerly waiting to see the expected results in the next quarter. Hope everything gets revived.
The company also added that their net income has fallen from last year’s 21.8 billion rupees to 1.59 billion rupees in the recent three months. It is a huge difference which shows the dilemma of DLF financial status. It is also reported that this realty giant has cut the home prices of their new projects in Chennai and Gurgaon. This measure is being taken to accelerate the sales of their undergoing projects in many parts of India. At least this attempt will shoot their profits little higher which will be then a great relaxation for DLF.
On the other hand, the government of India has laid down recommendations for banks to lower their borrowing interest rates. Finally the law has come into effect. Presently the government, banks and realty companies are eagerly waiting to see the expected results in the next quarter. Hope everything gets revived.
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