DLF Hawks Luxury as Profit Drops to 6-Year Low: Corporate India
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DLF Ltd., India’s largest developer, is shunning affordable housing to focus on luxury holiday homes and land sales to boost profit from a six-year low.
DLF is constructing high-end second homes for the wealthy in the hill stations of Shimla and Kasauli in the north Indian state of Himachal Pradesh and in the beach resort of Goa, said Mohit Gujral, the vice chairman of unit DLF India Ltd. It also plans to boost revenue from offering land and plots, DLF told analysts on May 31. It earned 17 percent of its 2011 revenue from land sales, according to data compiled by Bloomberg.