Tata Realty and M3M Developers are believed to be in the race to buy DLF’s Gurgaon plot for around Rs.400 crore. DLF is reportedly selling this 27.4-acre plot of land at a price of Rs.2,000 per sq ft. The plot has all approvals and permissions for building a group housing project in place, including an approval for a built-up space of 2 million sq ft, according to the company sources.
The land in Sector 70A is close to the new southern peripheral road in Gurgaon, which will connect National Highway 8 with MG Road. Though DLF has officially declined to respond on the media queries about sale.
However, the DLF had said in its media presentation in May that it would focus on selling plots to reduce execution risks that come with developing group housing projects. It will also enhance momentum on non-core divestments to reduce its debt of Rs.24,000 crore.
In the last few months, it has sold 400 plots in its 101-acre gated township Garden City in Gurgaon’s sector 91-92, raising Rs.700 crore. It is also selling its shareholding in two IT buildings in Pune and Noida. The combined sale by DLF and co-promoters Ackruti City and The 3C Company is expected to generate Rs.1,300 crore.
Blackstone is likely to buy the IT SEZ in Pune for Rs.900 crore, while a private equity fund is about to close the deal for the Noida IT Park for Rs.400 crore. These are in line with DLF’s strategy to divest its non-core assets.
The company had said that it plans to sell developed assets, including IT Parks and its hotels business and raise about Rs.7,000 crore over the next two years to reduce its debt.
