Robert Vadra and DLF deal: Few skeletons in the closet

Accused of improper dealings by anti-corruption activists, realty major DLF  is putting up a brave face. CNBC-TV18 learns from sources at DLF that the company believes the current controversy -- involving Arvind Kejriwal, Robert Vadra and Haryana Government -- will not impact the deleveraging exercise or their launch plans.

There have practically been no new launches from DLF in the first two quarters of this year. However DLF is pretty bullish in terms of the second half of the year. On the anvil, for example, is the Magnolia II on the DLF Glof Course in Gurgaon. This is going to be a big ticket super luxury project.

CNBC-TV18 learns from sources that the launch could be around Rs 20,000 per square feet. So, one is looking at apartments being priced at Rs 12 crore. That launch expected in the first week of January.

Another high end residential project in Gurgaon called Park Place II that is going to be other big ticket one, about Rs 12,000 per sq ft.

Sources say DLF's deleveraging exercise is not going to get impacted by the latest controversy. The realty major is on track to try and sell non-core assets and raise Rs 4000-5000 crore. By the end of October, it is expects Rs 2,227 crore from Lodha for their Lower Parel land parcel. DLF says the saying the deal is on track. Lodha's have not indicated that they will not be making their payment on time.

As far as the USD 325 million Amanresort deal goes, sources indicate that investors have not raised an alarm. The deal was supposed to close by the end of October. Due diligence may take a little longer in light of what all is happening. DLF feels that this deal will also close in this quarter, i.e. Q3.

The next big ticket item on this block will be the wind business of DLF. Expecting to raise Rs 800-900 crore, that also they feel will close by the end of this fiscal.