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With heightened refinancing costs impacting property values and changing consumer behaviour stifling demand for commercial and residential real estate in the Asia-Pacific region broadly, South and Southeast Asia have stood out with pockets of optimism in this sector.
On 6 December 2023, the Central government made amendments to the SEZ Act, permitting demarcation of parts of SEZ areas as non-SEZ areas after repayment of tax benefits availed till date.
DLF Cyber City Developers (DCCDL), the rental arm of DLF, has applied for denotification of 1.1 million sq ft of office space in Special Economic Zones (SEZs) and plans to start leasing it by March end. The SEZ portfolio of DLF has a vacancy of about 16%, while the non-SEZ portfolio has a vacancy of only 3%. The government's amendment in SEZ rules in December 2023 allows partial and floor-wise denotification, benefiting IT and ITES companies. DLF has already applied for denotification and is working out the duty drawback payment with a chartered surveyor.
The DLF Board also approves the sale of DLF Centre to DLF Cyber City Developers for an aggregate consideration of ₹825 crore.
The companys new sales bookings for the quarter stood at Rs 2,228 crore with its new products and existing inventory continuing to receive strong customer interest.