DLF Scores Big: 29 Acres in Gurugram for Rs 825 Crore

DLF has successfully secured a 29-acre land parcel at Golf Course Extension in Gurugram for a total investment of Rs 825 crore. This strategic acquisition is part of the company's expansion plans, with intentions to develop a housing project that will encompass an impressive 7.5 million sq. ft. of saleable area.

The ongoing negotiations involve finalizing terms with Ireo for the acquisition of land rights and interests. DLF, either directly or through its affiliates, aims to obtain comprehensive control over the entire 29-acre property. Notably, 25 acres of the identified land are part of the mortgaged assets, and DLF will secure rights to the remaining portion through separate binding agreements with the bond issuer.

In tandem with this development, DLF's Board has greenlit the sale of its office building, DLF Centre, to its subsidiary DLF Cyber City Developers (DCCDL) for a sum of Rs 825 crore. This move reflects the company's strategic portfolio management initiatives and commitment to maximizing value for its stakeholders.

News by Rahul Yelligetti