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Bangalore, May 4 Real estate developer DLF Ltd has exited from the Bangalore Metropolitan Region Development Authority’s (BMRDA) 9,300-acre Bidadi Satellite Township Project near Bangalore.

Mr Anantha Naarayanan – Head - Homes (Karnataka), DLF Southern Homes, said, “We have exited from the project. The BMRDA returned Rs 400 crore to DLF Ltd, which the developers had invested for the Rs 60,000-crore township project.” The reasons, he clarified, had to do more with the sentiments prevailing in the real estate market. Investors will not be too keen to invest, and banks will also not be interested in financing new projects right now, he said. “Market sentiments are still not positive,” he added.

This is not the right time for the company to get into new projects, said Mr Ananth Naarayanan.

“Around the same time, last year, we would have gone ahead, because the timing was conducive and market robust. But now we are not getting into any new projects till the end of this quarter,” he said.

On the company’s financial position, he said, “For all the ongoing projects, we have back-to-back finances organised.”

In October 2007, DLF emerged the sole bidder for this project, christened ‘Knowledge Park’. DLF had joined hands with the Dubai-based Limitless Holdings, a 50:50 joint venture.

More Stories on : New Projects | Real Estate & Construction | DLF Ltd | Karnataka

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