DLF, planning to sale its land for Rs 2900 crore
17-acre plot of DLF in Mumbai’s Lower Parel area might be sold at Rs 2900 crore. India’s biggest real estate firm DLF has planned to sale the land to reduce its debt burden.
It is said by a DLF official that the Mumbai-based builder Lodha Group and American private equity fund Vornado Realty Trust had together made an offer to DLF.
The deal is expected to be closed by June end.
DLF had bought the land from the National Textiles Corporation for Rs 702 crore in 2005. It has since considered the feasibility of building a mall, office buildings and even a residential complex on Mumbai, before putting it up for sale.
The Lodha Group is constructing the world’s tallest, 117-storey residential tower in Mumbai.
Real estate experts said the higher offers could be credited to the new development control rules recently notified in Mumbai.
DLF had raised Rs 1,200 crore during October-December 2011, by selling an IT park in Noida to IDFC and an IT special economic zone in Pune to Blackstone.
More related stories:
DLF on plans to sell Noida plots to Bharti Realty
Source: Times of India
Debt, debt amount, DLF, IT park in Noida, land sale in Mumbai, Lodha Group, Lower Parel, Real estate in Mumbai, residential complex on Mumbai, residential tower in Mumbai, Vornado Realty Trust
[...] DLF, planning to sale its land for Rs 2900 crore [...]
[...] DLF, planning to sale its land for Rs 2900 crore [...]
[...] DLF, planning to sale its land for Rs 2900 crore [...]