Real estate firm DLF sells off NTC Mill land parcel to Lodha Group
According to sources, real estate developer DLF Ltd has sealed Mumbai’s NTC Mill land deal with the Lodha group on Thursday. Although no official announcement has yet been made on the deal pegged at over Rs 2,500 crore, an announcement is expected next week.
The top management of the Lodha Group is believed to be in Delhi for signing of the memorandum of understanding with DLF. DLF had bought 17.5 acres in 2005 from the National Textile Mills in Mumbai for about Rs 703 crore.
The sell-off of this land has been long anticipated as part of DLF’s strategy to divest non-core assets to reduce its debt.
India’s largest realty player had earlier revealed about closing its three big ticket deals–NTC Mill land in Mumbai, Aman Hotels and Resorts and wind energy business–by September 2012.
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