DLF set to sell Mumbai NTC land to Lodha
DLF, the country’s biggest real estate company, is set to sell its 17-acre National Textile Corporation (NTC) land in Mumbai to Mumbai-based Lodha Developers to reduce its rising debt, said market sources.
The deal is estimated at Rs 2,500-2,700 crore. Lodha Developers has already paid Rs 500 crore in advance and it would pay the remaining sum after signing the sales deed.
Market sources said though the deal was structured like a joint venture, Lodha Developers would own the Mumbai land.
In 2005, DLF had bought the land from NTC for about Rs 700 crore. It had planned to develop a mall, offices and residential flats on the plot.
DLF wants to sell the NTC land, as it doesn’t think developing a project in Mumbai is feasible, since the company is based in Gurgaon.
In the quarter ended June, DLF divested its entire stake in Adone Hotels and Hospitality for Rs 567 crore to Kolkata-based Avani Projects and Square Four Housing & Infrastructure.
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Source: Business Standard
Adone Hotels and Hospitality, Avani Projects, Debt, DLF, Gurgaon, Joint venture, Kolkata, Lodha Developers, Mumbai, Mumbai land, National Textile Corporation (NTC), project in Mumbai, Real estate company, Square Four Housing & Infrastructure
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