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DLF Plans to Sell 27.4 Acre Gu

 

DLF Plans to Sell 27.4 Acre Gurgaon Plot for Rs 400 cr: Tata & M3M in Race to Buy

 

 

India’s biggest real estate firm DLF is selling a 27.4-acre plot of land in Gurgaon for around Rs 400 crore. The plot has all approvals and permissions for building a group housing project in place, including an approval for a built-up space of 2 million sq ft, sources, who did not want to be identified, said. Real estate players such as Tata Realty and M3M Developers are believed to be in the race for the land, one person close to the development said. DLF is asking for a price ofRs 2,000 per sq ft, he said.

The land in Sector 70A is close to the new southern peripheral road in Gurgaon, which will connect national highway 8 with MG Road.. The company had said in its media presentation in May that it would focus on selling plots to reduce execution risks that come with developing group housing projects. It will also enhance momentum on non-core divestments to reduce its debt of Rs 24,000 crore. In the last few months, it has sold 400 plots in its 101-acre gated township Garden City in Gurgaon’s sector 91-92, raising Rs 700 crore.

It is also selling its shareholding in two IT buildings in Pune and Noida. The combined sale by DLF and copromoters Ackruti City and The 3C Company is expected to generateRs 1,300 crore. Blackstone is likely to buy the IT SEZ in Pune for Rs 900 crore, while a private equity fund is about to close the deal for the Noida IT Park for Rs 400 crore. These are in line with DLF’s strategy to divest its non-core assets. The company had said that it plans to sell developed assets, including IT Parks and its hotels business and raise about Rs 7,000 crore over the next two years to reduce its debt.

 

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