It has been learnt that DLF Ltd., known as the largest and most esteemed listed property developer in the realm of India, has sold its stake in an equal joint venture with Ackruti City to a U.S.-based real estate fund for more than 2 billion rupees ($41 million). The news has undoubtedly led to a furor in the pertinent industry although there has been no formal confirmation yet.
DLF happens to be India’s largest real estate company in terms of revenues, earnings, market capitalization and developable area. What’s more, in line with its current expansion plans, DLF has over 425 million sq. ft. of development across its businesses and these include developed, current and planned projects. This land bank is spread over 32 cities, mostly in metros and key urban areas across India. DLF has by now become a major player in locations across the country, and has over six decades of experience, is capitalizing on rising market opportunities to deliver high-end facilities and projects to its wide base of customers by constantly upgrading its internal skills and resource capabilities.
As far as the knowledge goes, the joint venture is engaged in the development of office buildings spread over nine million square feet in the western Indian city of Mumbai and it happens to be part of a larger slum rehabilitation project by Mumbai-based realty firm Ackruti.
According to confidential sources, DLF had got hold of the stake in the project more than two years ago and its departure was part of its asset sale programme in order to raise 55 billion rupees by the end of this fiscal year.
Owing to high confidentiality, nothing more has been known yet but it seems that DLF may receive up to 250 million rupees for the proportionate cost of construction done so far in the project. It is to be noted that in May the company had stated it aimed to raise 100 billion rupees over the next three years from asset sales to cut its debt.
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