Real estate firm DLF sells plot in Mumbai for 2,750 crore
The country’s largest real estate developers, DLF has sold its 17.5-acre plot at Lower Parel in Mumbai to Lodha Developers for Rs 2,750 crore, making a profit of over Rs 2,000 crore over seven years.
In June 2005, DLF had bought the land in Mumbai in an auction from National Textile Corporation for Rs 702.2 crore. The buy was then touted as one of the costliest deals. The firm, which is saddled with a debt of about Rs 23,000 crore, decided to exit non -core business in 2011.
The deal would help the company in bringing down its consolidated debt significantly by the end of current fiscal. In June, the company had sold its hotel subsidiary-DLF Holets & Hospitality that owns land parcels in four cities-to a Kolkata-based consortium of Avani Projects and Square Four Housing & Infrastructure Private Ltd for Rs 567 crore.
The Mumbai deal is the largest upfront payment land deal in the country.
To read more real estate news:
Real estate firm DLF sells off NTC Mill land parcel to Lodha Group
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