Milestones on golden track
The 20-km-long stretch along the GT Road between Kundli and Murthal will be abuzz with commercial activity once the several malls and shopping plaza projects get rolling, reports B.S. Malik

It is not only the demand for housing that has kept the real estate growth on an upswing in the areas in the vicinity of the National Capital, a large number of upcoming commercial projects have also contributed to a robust realty scene. The 20-km-long stretch between Kundli and Murthal on the GT Road close to Delhi's boundary is one such area that is gradually becoming a hub of commercial projects like malls and shopping plazas.

Many factors, including the construction of the KMP Expressway, proposed metro destination at Kundli border, development of a large number of residential localities in the belt by realtors and proximity to the premier residential colonies of Delhi, have lured big players in the sector to start commercial projects here.

"There is a vast scope for retail and office space in this area because a number of residential colonies are coming up in the vicinity and a large number of MNC s and industrial groups are based in and around Sonepat", says Mohan Singh, a Sonepat-based consultant.

Educational institutions like the Deenbandhu Chhotu Ram University of Science and Technology (Murthal), Rajiv Gandhi Education City at Rai, National Institute of Food Technology, Entrepreneurship and Management at Kundli and the proposed Indian Institute of Information Technology near Sonepat and dozens of other engineering institutes in the region will also give a boost to the mall culture due to a large population of students and staff in the region.

On the anvil

The demand for commercial space in Sonepat has surged over the years with companies making a beeline for setting up offices, keeping in view the locational advantage of the city. The amazing growth rate (almost 30 per cent) of Indian families that are cash rich, own vehicles and hit the highway for frequent vacations present a high potential, fresh consumer bank which has remained untapped in the area (Sonepat, Kundli and North of Delhi). And it is this segment that is being targeted through these projects. No wonder then that almost all major realty players have a presence in this area.

One such project is the TDI Mall in Kundli. It is a part of the 1250-acre TDI City project and has been designed as a modern shopping complex offering retail-cum entertainment opportunities to suit diverse customer profiles. The mall having a 650 foot frontage will have 5.5 lakh sq ft of retail space. According to a senior TDI official, the mall is the longest and biggest mall on NH-1 and is just a 15-minute drive from Rohini and Pitampura. The mall will also be connected by the proposed metro link. It is likely to be functional within the next two to three months.

Ansal Highway Plaza is another upcoming project planned to attract locals as well as highway commuters. This is planned through a single-point provision of a host of facilities and services, which include shopping arcade/hyper mart, food court, banquets, a 36-room hotel-cum-serviced apartments and multiplex. The plaza will also have a swimming pool on the roof top and first revolving restaurant in north of Delhi giving a spectacular view of NH-1 and KMP expressway. "Ours is a path-breaking concept in the Indian retail arena that will cater to the needs of an ever-burgeoning segment of Indian families who are cash rich and hit the highway for frequent vacations", says Yogesh Bhasin the Senior General Manager of the group.

Ansal's plaza will have parking space for more than 500 vehicles and will be operational within six months. It is one of the biggest malls in the north of Delhi which is completely sold out. It is a part of the 400-acre (approx.) integrated township, Sushant City whose residents will constitute a large share of the expected footfalls.

The Omaxe group has also launched SCO space and Omaxe Plaza in Omaxe City near Murthal on GT road and both the projects have received good response from buyers and investors. The company has started phased possession for SCOs and construction for Omaxe Plaza is also in full swing. Located just a few kilometers from Delhi, 5 km from KMP and its accessibility to people from Delhi and Panipat makes it viable for those having business interest in Sonepat, its adjoining area and the national capital.

Parker mall-cum-multiplex near Kundli is another project that is offering five lakh sq ft of retail area in G+4 structure, two level basement and an adjoining Rental Studio Suites complex. The mall is in the last stages of construction. The Assistant Manager, Marketing, Ramesh Gaur, said there would be 175 suites in Rental Studio and each one in 550 sq ft area, will cost around Rs 21.75 lakh. Each suite will have one bedroom, toilet, balcony and a kitchen. The construction work of this project had also been started recently.

rentals
Sluggish growth

The commercial rentals in the country have not seen much vibrancy this quarter as some localities have witnessed rental price correction in Q3-11 when compared to Q3-10. However, the southern part of the country, and some localities in Delhi and Mumbai did see per sq ft growth figures over a period of one year. The trend has been revealed by a survey conducted by property portal 99acres.com.

Commenting on the same Vineet Singh, Business head, 99acres.com said, "As clearly the market is range bound now indicating stagnancy in the environment. However, we do continue to see an upward price movement in certain localities. As per the data gathered by the portal, in Noida, sectors 1 to 10 saw some upside in commercial rentals due to the availability of diversified sizes and proximity to public transport like the Metro. South Delhi localities like Lajpat Nagar are increasingly becoming one of the best choices for commercial renting requirements due to increased connectivity and high density of population".

A detailed analysis of commercial rental trends of the country has revealed that Connaught place, which is a central business district of the National Capital, witnessed stable rentals in Q3-11 when compared to Q3-10. Jasola and Saket saw 6 and 25 per cent dips in per sq ft rentals during the same time period. On the other hand prime localities of South Delhi like Karol Bagh, Greater Kailash, Nehru Place and Lajpat Nagar saw rentals appreciate within the range of 14 and 25 per cent in Q3-11 over Q3-10.

Thus on an overall level, the commercial real estate rental market is undergoing a sluggish phase. We may see some improvements in the coming months but this solely depends on the overall sentiment of the real estate sector. — TNS

tax tips
Selling factory plot
S. C. Vasudeva

Q. I purchased a plot for factory purposes and it was registered in the name of factory, in 1972. In 2005 I sold the factory and I sold the plot in 2011 and purchased a residential flat and balance capital gain will be invested in REC or NHAI Bonds. I want to know whether indexation of April 1, 1981 will be compulsory for computing capital gain as plot was a commercial plot. It will be computed under Section 54 or 55F?

— H.S. Arora

A. You will be entitled to claim exemption from taxability of the long-term capital gain arising on the sale of the plot in case the amount of net consideration (sale price less expenditure incurred wholly and exclusively in connection with the sale) is utilsed for the purchase of a residential flat within two years after the date of sale. This is in accordance with the provisions of Section 54F of the Act since you would be entitled to claim the exemption under the aforesaid Section.

The investment in purchase of tax saving bonds has to be of the amount of capital gain. In case you have utilised part of the sale proceeds towards the purchase of a residential flat, you would be entitled to claim proportionate exemption. It would, therefore, be advisable to invest such proportionate amount of capital gain in acquisition of REC or NHAI bonds which would become chargeable to tax on account of proportionate exemption under Section 54F of the Act. You would, in such a case, be able to claim full exemption from the exigibility of tax on the amount of capital gain so arising.

Investment avenues

Q. I am a housewife and have been filing IT Returns for the past many years. I showed my income for 2011-12 at Rs 2 lakh. My source of income is rental and interest. I have got 100 marlas of agricultural land situated in an urban area. I am going to sell it for Rs 50 lakh. Kindly advise me how I can avoid capital gain tax legally? The land was gifted to me by my grandmother about 30 year ago as per her Will. Kindly also tell other ways of investment in the market. Can I take a big house, residential or commercial, from the sale proceeds of the agricultural land mentioned above? Will the income from the sale be considered as part of the income of an HUF or of the individual? — Rishu

A. Your queries are replied hereunder:

n The capital gain arising on the sale of 100 marlas of agricultural land situated in urban area shall be taxable. Since the land was gifted to you about 30 years ago, you have an option to adopt the fair market value as on April 1, 1981. You will be entitled to claim the benefit of cost inflation index from 1981 to the year of sale. The amount of capital gain would thus be reduced substantially. Such capital gain being in the nature of the long-term capital gain, would be taxable @ 20 per cent plus education cess of three per cent thereon.

n You can save the amount of tax leviable on the capital gain so arising by utilising the amount of capital gain towards the purchase of tax-saving bonds which have a lock-in period of three years. The bonds have to be purchased within six months of the date of sale.

n Alternatively, you can also buy or construct a residential house by utilising the sale proceeds of the agricultural land, less expenditure incurred wholly and exclusively in connection with the sale. The purchase of a residential house is required to be effected within two years after the date of sale. The construction has to be completed within three years after the date of sale. So much of the amount as is not utilised towards the purchase or construction of a residential house is required to be deposited in a bank account under capital gain scheme before the due date of filing the tax return for the year in which the capital gain arose. The amount so deposited can be utilised for purchase or construction of a residential house.

n The purchase of a commercial flat would not enable you to save tax payable on the capital gain so arising.

n The other avenues for investment are purchase of units of a mutual fund investment in shares or a fixed deposit with a bank. However, such investments would not enable you to save the amount of tax on capital gain so arising.

n The amount of capital gain arising on the sale of the agricultural land shall be taxable as your individual income.

No tax on inherited property

Q. We have an ancestral property, which was sold by us on June 29, 2011. My points are:

This property was purchased by our grandfather during 1952. After his death in 1974 this property was equally (50-50) transferred to his two sons i.e. our father and our uncle. Our father expired in 1997. The 50 of his share was transferred in the name of my mother and both of his sons in 1999. Our mother expired in 2002 and her share was equally transferred in the name of me and my brother.

I want following clarifications:

n What is the method to calculate the capital gains tax.

n Is there any valuation for calculating the capital gains tax.

— Rajiv Mehta

A. Your queries are replied hereunder:

The transfer effected on the death of your father and mother will not have any income tax implications. The inheritance of a property is not deemed to be transfer for the purposes of computing the amount of capital gain which is leviable on the transfer of a capital asset. Since the aforesaid property has been sold on June 29, 2011, you should take the following steps for computing the capital gain:

n The property had been acquired in the year 1952. You can adopt the fair market value of such property as on April 1, 1981. For this purpose you will need the valuation thereof by an approved valuer.

n The fair market value so arrived at shall be indexed to the year of sale. The index for the year 1981 was 100 and for the year 2011-12 is 785. The fair market value would be multiplied by 785 and divided by 100. This would give you the figure of indexed cost for the purpose of determining the amount of capital gain.

n The above mentioned indexed cost would be deducted from the net sale consideration (sale price less expenditure incurred wholly and exclusively in connection with the sale). The balance would be the amount of capital gain. 

NRIs can't buy agri land

Q. I bought some agricultural land in 1976 when I was a resident of India. I went abroad in 1980 and thus became an NRI. I sold that land in 1990 and bought another agricultural land in 1995 with those funds. I sold the new land in 2003-04 and bought another agricultural land which was acquired by HUDA. Do I need to pay the tax on that? — Vineet Goel

A. You could'nt have bought agricultural land in 1995 since you were an NRI that time. In accordance with the provisions of the Foreign Exchange Regulation Act, 1973, a non-resident Indian can not purchase agricultural land in India. The consequences arising on account of such default have not been addressed in reply to your query.

The amount of capital gain arising on the acquisition of agricultural land by HUDA would be exempt from tax provided the following conditions are satisfied.

n Such land is situated in any area referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of Section 2 meaning thereby that the agricultural land is situated within the municipal limits or within such distance of municipal limits as has been notified by the Central Government.

n Such land, during the period of two years immediately preceding the date of transfer, was being used for agricultural purposes by you or your parents;

n Such transfer is by way of compulsory acquisition under any law, or a transfer the consideration for which is determined or approved by the Central Government or the Reserve Bank of India;

n Such income has arisen from the compensation or consideration for such transfer received by such assessee on or after April 1, 2004.

However, in case the above conditions are not fulfilled you will be liable to pay tax on the capital gain arising on the sale of agricultural land provided the same is situated within the municipal limits or is situated within such distance of municipal limits as has been notified by the Central Government. It may be added that in case the land is situated outside the limits as aforesaid, tax is not leviable on capital gain arising on sale of agricultural land.

More loss than gain

Q. I had purchased a flat in auction from a bank for Rs 14 lakh in 2006 and spent Rs 50,000 on repairs and whitewash etc. I sold the same for Rs 19 lakh last month. I spent Rs 1.70 lakh to get it registered in my name. Sir, my query is whether I have to invest to save tax on the capital gain, if yes then how much should I invest and for how long. — A. Kumar

A. The indexed cost of the property would be Rs 24,50,289. This indexed cost has been computed on the presumption that the amount of Rs 50,000 and Rs 1,70 lakh had been spent by you in the year 2006-07 and that the amount of Rs 50,000 was spent to make the flat habitable. On the basis of these figures you would not be liable to pay any tax since there would be a loss under head capital gain. This being a case of long-term gain, you would be entitled to carry forward such loss for a period of eight years adjustable against the amount of long-term capital gain arising in the said eight years.

The writer can be contacted at sc@scvasudeva.com

launch pad
Karma Spaces

Real estate group Vardhman Real Estate and Promoters recently launched a commercial project - Vardhman Karma Spaces - in KP-3, Greater Noida. The project will offer fully-furnished, environment friendly office space-cum-business centre based on 'Get Set Biz' concept. The group is also offering 12 per cent assured return where customers will get the possession in six months.

Karma Spaces has access to a range of enticing features that can create a perfect environment for efficient business practices and capable of meeting commercial requirements to make a conducive, comfortable, attractive and affordable working environment. Speaking about the project Sonika Khurana, Planning Head of the group said, "This project will meet corporate and individual need of modern work culture simultaneously. In karma Spaces you will not only get a healthy working atmosphere but you can also have facilities like shopping, food etc. It will also offer exclusive facilities like in-house club with pool, gym, spa to its customers".

Imperial Heights

WorldWide Immigration Consultancy Services (WWICS) has forayed into real estate by launching Imperial Heights project in Sector 115, Greater Mohali. The project will have 3 BHK penthouses and 3/2/1 BHK luxury apartments. "At Imperial Heights, we promise modern-day lifestyle coupled with a blissful life in tune with nature and serenity. Entire project is conceptualised on A-Class modern architecture concepts with earthquake resistant structures," said Lt Col Sandhu, Chairman, WWICS Group of companies. The project, spread over an area of 6 acres, will have 3 BHK apartments in 1840.23 sq ft and 1737.98 sq ft area, while 2 BHK will be in 1159.50 sq ft area and studio apartments in 401.35 sq ft area at a launch price of Rs 2650 per sq. ft. The group will invest around Rs 120 crore in this project.

Apart from this, the company will also come up with new ventures offering refreshing real estate options at affordable prices in Punjab, Haryana and Himachal Pradesh. These upcoming projects would entail group housing, residential apartments, residential plots, villas, resorts and farmhouses at several prime locations. In the pipeline are projects encompassing luxurious villas and a resort in Dagshai, residential housing projects in Kurali and Landran Banaur road.

Saviour Street

Saviour Builder’s Pvt Ltd recently launched its commercial project ‘Saviour Street’. Spread approx. 1 lakh sq. ft area, the project will be a mixed use development which will consist of commercial shops, office spaces, food courts and fun zones along with studio apartments. Located on Crossing Republik NH-24, the project is easily accessible from Noida, Greater Noida, Delhi and Ghaziabad. The project will be handed over within approx. 24 months and provided at reasonable cost from Rs 3000/- sq.ft – 10,000/- sq ft. With a total area of approx. 1 lakh sq ft, Saviour Street has a glass glazed towers with LG+7 floors. The project comprises of different levels - Lower Ground Floor, Ground floor, 1st & 2nd floors fully dedicated to Shops and office spaces. The area of the shop will commence from 125 Sq. ft – 500 sq. ft and office space from 250 sq ft- 500 sq ft. The entire third level will house industry’s best food courts. The rest will have the fully loaded Studio apartments along with the swimming pool. Saviour Street has been constructed in the contemporary style with 2 tier basement parking.

— As per info provided by developers

Ground Realty
Battle against dust
Jagvir Goyal

Dust is an inseparable part of Indian living. Blame it on the topography or our climatic conditions, it is impossible to escape this irritant. However, efforts can always be made to minimise its presence or accumulation in our houses and increase the duration of repainting of surfaces. Howsoever dust-proof the windows may be, dust makes its way inside the house and settles wherever it can. Horizontal surfaces are the most convenient ones for the dust to settle.

Over the years, despite a daily dusting, horizontal surfaces lose their shine and sheen faster than vertical or inclined surfaces. Though some horizontal surfaces are unavoidable, we can minimise their number if this aspect is kept in mind. The following points need to be considered:

Concrete Louvers

Equally spaced horizontal or slanted members fixed in a frame are called louvers. Architects have a tendency to provide some sort of concrete louvers at one or the other location in the front elevation of a house. These days, providing such thin and equally spaced concrete members in the roof projection over the front terrace is very common. These serve no purpose other than adding pattern to the elevation. All louvers gather dust and it is practically not possible to clean the dust deposited on these sorts of louvers provided in the front elevation. Result is that while the paint on vertical surfaces still looks fresh and attractive, the horizontal surfaces present a soiled look. It is better to tell your architect to keep the elevation free of horizontal surfaces as far as possible.

Pelmet tops

Often, two types of pelmets are used in the houses. One type has a front vertical surface and about 5-inch deep sides with the curtain rod fixed inside. The other type has an additional horizontal member fixed on the top. Often, this horizontal surface is used to display some souvenirs or framed photographs or such things. As the top of pelmets is inaccessible, it is never cleaned and the dust keeps accumulating on it. Such type of pelmets should be avoided. Prefer to use curtain rods with attractive end brackets over the windows of your house.

Window sills

Horizontal window sills are an unavoidable part of the house. But these keep accumulating dust. However, it can be minimised by providing a little outward slant to the sills. This slant also lessens the effect of rainwater on the window frames.

Projections over windows

The sunshades over the windows also gather lots of dust and are usually never cleaned. The top surface of these shades and projections should also be kept slanting outwards. The slant will lessen the deposit of dust to some extent besides avoiding the accumulation of rainwater on the top of these projections.

Cornices & shelves

All cornices and shelves gather dust. Try to minimise their number. These are normally projected 4 inch to 6 inch from the wall surface and dust keeps settling over them. Try running a finger along the top of the frame of a painting hung in your drawing room. The frame is barely ½ inch thick yet your finger will be smeared in thick dust. The cornices and shelves will gather much more dust than a wall hanging and therefore these should be avoided.

Open lofts

Open lofts over the cupboards invite dust and are rarely cleaned. The items stored there, too, gather dust. One approaches these lofts only when some item is required. Otherwise these keep gathering dust for months together. Never plan open lofts in your house. Provide proper and air tight shutters to them.

Air Conditioners

Top surfaces of split air conditioners also keep gathering dust. The AC units should either be cleaned at regular intervals or some sort of peel-off sheet can be provided over them. It has often been seen that while fixing the window air conditioners, about an inch of their bodies project beyond the window ply. Check this surface in your house and you'll find a lot of dust accumulated there. There is no way to avoid them. This projection of AC unit beyond the ply surface can, however, be minimized and its cleaning should be carried out at regular intervals.

(This column appears fortnightly)

living with vaastu
The cooking area
Madan Gupta Spatu

Kitchen is the lifeline of a home. If it is out of order, the entire routine is derailed. If you are housewife then a larger part of your day is spent in the kitchen. Therefore, whenever Griha Pravesh is performed the puja is done on the Brahmsthan and next the idols and other ritualistic items are placed in the kitchen. The priest sanctifies the new gas stove and other electrical appliances by tying the sacred thread around them and applying roli on them. To start with new house, a sweet item is first prepared as prasad. Since Vedic time Sita Ki Rasoi is a very popular term in the household jargon.

When it comes to kitchen Vaastu takes into consideration various factors.

n The proper location of the kitchen, direction and placement of doors and windows, placement of cooking gas, gas cylinder, sink, refrigerator and other electronic gadgets, and so on.

n According to Vaastu the lord of fire (agni) prevails in the south-east direction. So ideally the kitchen should be located in the south-east of the home. The second best option is the north-west part of the home. When sun rays spread in the kitchen from east all germs and bacteria which are born overnight are killed and the kitchen is automatically disinfected.

n While constructing the kitchen, make adequate provision for cross ventilation. The kitchen should not be located under or above puja room, toilet or bedroom.

n The entry door of kitchen should be in the East, North or West. The door of kitchen should not be in any of the corners.

n The big windows of the kitchen should open towards east, while the smaller ones should be towards the south.

n The suitable colours for the kitchen are soft pink and orange, yellow, orange, rose, chocolate or red. Keep the black out of your kitchen as far as possible.

n Ceramic tiles, mosaic and marble are good choices for kitchen flooring. Ceramic tile flooring is recommended to accommodate Indian conditions as it is stain-free, dust-free and scratch resistant.

n In modern houses gas cylinders are kept outside the kitchen for safety point of view. These should be kept in the south-eastern direction. Empty cylinders should be kept in the south-western direction.

n The gas stove should be in south-east corner, a few inches away from the wall so that the cook faces east while cooking. If the lady of the house faces west while cooking then it may lead to health problems. Cooking with face towards the south may lead to financial problems in the family. No shelf should be placed above cooking gas.

n The main switch, generators etc. should be located in the south-east corner of the house.

n Sink (wash basin) should be in north-east corner as far as possible.

n As fire and water repel each other taps and sinks should not be very close to the cooking range.

n If there is a dishwasher in the kitchen, place it in the northwest side.

n Other water elements like drinking water should be placed in the north-east. The water source including pitcherS, water filter, etc. may be kept in north-east.

n Different electrical appliances also have to be kept at a right place in the kitchen. If the refrigerator is placed inside the kitchen, then keep it in the south-west direction.

n Exhaust fans in the kitchen should always be fitted on the eastern walls in the southeast corner. Other electrical appliances, like microwave, heaters, conventional ovens, toasters, tandoors, induction appliances, should be placed in south-east or south side of the kitchen; never in north-east portion.

n Clocks in the kitchen should always be placed on the south or the southwest walls.

n Storage cabinets should ideally be in the north-east side, and use these for storing light things only.

n The storage racks should be made on the southern or western wall.

n Essential commodities like boxes of grain, spices, pulses, etc. should be in south or west direction.

n If your kitchen has overhead storage cupboards, avoid having them over the cooking range.

n Food should never be served in the middle of the kitchen.

n Dining table should be placed in north-west corner of the room.

n One should only face towards east or north while taking food for good digestion.

The writer is a Chandigarh-based Vaastu consultant. Readers can send their queries at realestate@tribunemail.com

Expansion plans

Hilton Hotels and Resorts is all set to triple its presence in India in the next two years as it intensifies expansion here. The company that recently opened a 168-room property under the Hilton brand in the Capital, taking its total to seven properties in India, said it plans to launch five more hotels over the next eight months.

"We have opened five hotels in India this year, and we plan to launch five more hotels over the next eight months. At the current pace, we hope to triple our presence in the country in the next two years," Hilton Worldwide President Asia Pacific, Martin Rinck said in a statement.

Worldwide Hilton operates more than 540 hotels in 76 countries. — PTI

realty bytes
New projects for Amritsar, Panipat

Private equity fund Fire Capital's promoter has tied up with a clutch of US-based realty firms to form a new company that plans to invest Rs 6,000 crore in the next four years on developing 32,000 homes across the country.

The new venture Astrum Homes is an FDI funded, real estate development company, which has been set up to develop projects in tier II and III cities targeting middle and upper middle income segments.

Astrum Homes, set up with an initial capital of $ 100 million (about Rs 500 crore), has been promoted by the founder of Fire Capital, Om Chaudhry, in partnership with leading North American realty development and investment firms, including The Related Group.

"To start with, we are launching two housing projects at Panipat and Amritsar soon. We are targeting to build 32,000 homes by 2015 with an investment of Rs 6,000 crore," Astrum Homes Chairman and CEO Om Chaudhry said.

The capital would be routed through Mauritius, said Chaudhry, who is also founder and CEO of Fire Capital that invests in Indian realty sector. Astrum Homes would invest about Rs 500 crore to develop these two projects with a total built up area of two million sq ft. It would offer homes in a range of Rs 2,000-2,500 per sq ft in these two cities.

"We are excited to have presence in India. There is a huge pent up demand for housing. Key is to deliver on promises," Related Group Founder and Chairman Jorge Perez said, adding that promoters would be providing capital for the development.

Private equity firm Fire Capital has invested in five township projects, which are spread over 1,300 acres and are currently being developed with an outlay of over Rs 7,000 crore. These townships are in Bangalore, Indore, Jaipur, Nagpur and Chennai. — PTI

DLF to sell stake in Aman Resorts

Realty firm DLF is looking to raise up to Rs 2,500 crore by selling its stake in luxury hospitality chain Aman Resorts and the deal is likely to be closed by December-end. According to sources, the company has received offers from a few potential buyers and the same is being evaluated.

DLF had acquired controlling stake in Aman Resorts for $ 400 million in 2007. It has now 100 per cent stake in the hospitality chain that has about 25 resorts across the world. As part of its strategy to sell non-core assets to reduce debt of over Rs 21,000 crore, the company had decided to sell stake in Amanresorts.

DLF expects to conclude the deal by the end of this quarter and is looking at a valuation between Rs 2,000 crore and Rs 2,500 crore, excluding the Aman Resort in Delhi, which it wants to retain with itself, sources said.

When contacted, DLF spokesperson said the company does not want to comment on market speculations. The real estate developer raised Rs 165 crore from sale of non-core assets in the first quarter of this financial year. It aims to raise Rs 10,000 crore from this process. — PTI