DLF has finalized an agreement to divest its IT-ITeS SEZ (special economic zone) project along with nearly 18 acres of unoccupied land in Kolkata for Rs 710 crore to the Srijan Group, as part of its strategy to monetize commercial assets.
The announcement regarding the deal was made in April of the previous year. In a regulatory filing on Monday, the company disclosed that it has successfully completed the transfer of its IT/ITeS SEZ undertaking, which includes the SEZ property and the constructed building known as ‘DLF TechPark II’, to Makalu Builders LLP, a subsidiary of the Srijan Group and Srijan Realty Pvt Ltd.
Additionally, DLF has finalized the sale of 17.75 acres of vacant land located in Kolkata to Gangapurna Projects LLP, another subsidiary of the Srijan Group. The total consideration for these transactions amounts to Rs 710.23 crore. DLF Group primarily focuses on the development and sale of residential properties (the Development Business) as well as the development and leasing of commercial and retail properties (the Annuity Business).
The company has successfully developed over 185 real estate projects, encompassing more than 352 million square feet. DLF possesses a development potential of 280 million square feet across both residential and commercial sectors. Furthermore, it maintains an annuity portfolio exceeding 49 million square feet.
