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Real estate player to sell land parcel to Lodha Group and PE firm

Comments(2) Sub Category:Commercial Real estate,Residential Real Estate Posted On: Jul 31, 2012

DLF, the country’s largest developer, is all set to sell its 17.5-acre land in Mumbai’s Lower Parel to Lodha Group and a private equity (PE) player for about Rs 2,800 crore.

The company is in the process of selling several non-core assets including land parcels, SEZs and some office buildings, to reduce its debt.

DLF bought the land for Rs 702 crore in an auction in 2005 from state-owned National Textile Corporation and after ruminating about several projects, decided to sell it a year ago.

According to sources, the buyers have paid an advance, and the final terms of the deal are currently being worked out.

The cash-rich Lodha Group, which is building the world’s tallest residential tower in Mumbai, will bring in Rs 1,000 crore, while the balance will be paid by the PE fund.

To read more real estate news:

HC seeks report on fire safety at high-rise buildings

Source: Economic Times

Tags:

DLF Group, Indian real estate, Lodha Group, National Textile Corporation, PE firm, Real estate in India, Realty News, Sale of non-core assets, Tallest residential tower

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Real estate player to sell land parcel to Lodha Group and PE firm

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