Realtors sell land to combat tepid sales

The festive season, which fetches 60 per cent of annual sales for real estate companies, failed to boost property buying this year and hence forcing realtors to liquidate their land banks. The country's largest developer DLF plans to sell non-core assets worth around Rs 6,000 crore to Rs 7,000 crore to become a net debt-free company in the next three years. Another developer, Emaar MGF sold its land parcels in Kolkata and Gurgaon and is looking to sell majority stakes in some yet-to-be-developed projects. Omaxe, which raised around Rs 60 crore last year from selling land, is planning to sell land parcels in Tier-III towns this financial year to raise additional resources.Contact: DLF.Tel: 011-4210 2030.Website: www.dlf.in