DLF, the country's largest real estate developer, plans to enter housing development projects in the overseas markets to overcome a slump in the domestic property market, a television channel reported today, citing Chairman K P Singh.
The property developer may build houses in Singapore and Malaysia, which have a large Indian population, the television channel reported, citing sources it did not identify.
Meanwhile, DLF will use cost-effective resources and work at higher levels of efficiency to beat the slump, Singh said in the company's annual general report of 2007-08.
"The financial year 2008-09 will be a challenging year for the company. The global liquidity and credit crises and inflationary pressures within the domestic economy would impact the business scenario,'' said Singh on the country's current property market situation.
The company's comments on the sector come at a time when most of the property developers are reeling under a cash crunch because of a drastic fall in property sales, a hike in lending rates, a crash in property stocks, curbs on lending to developers, among others.
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