15, June, 2017
DLF has handed over the command of its north India business to Karun Varma by giving him the responsibility of executive director.
Varma will be responsible for leasing business, tenant relationships and building management services for DLF’s office assets in north India.
“Karun's rich experience and extensive network will further enhance offices portfolio of DLF in northern India, which he shall lead," said Sriram Khattar, MD, DLF Rental Business.
DLF is in the process to sell its 40% stake in rental business to Singapore's sovereign wealth fund GIC for about Rs 13,000 crore. With this company's net profit has been doubled to Rs 694.17 crore in financial year 2016-2017, against Rs 331.95 crore in the previous year. However, its net sales bookings fell sharply by 63% to Rs 1,160 crore during the last financial year due to demand slowdown in the property market.
DLF expects that its total rental income will to rise by 12% to about Rs 2,900 crore in financial year 2017-2018 on better realization from existing commercial assets and addition of new properties in Chennai and Delhi, the company recently said in an analyst call.
It earned a rental income of around Rs 2,600 crore last financial year.
Karun Varma, said, “Commercial office market is a bright spot for real estate sector. With the support of DLF team, I look forward to enhancing the ‘DLF Experience’ by contributing to the company’s vision of sustained growth, customer satisfaction, and innovation.“
Source: www. economictimes.indiatimes.com