NEW DELHI: DLF, a leading real estate developer, has finalized a deal to sell its IT-ITeS special economic zone (SEZ) project along with nearly 18 acres of undeveloped land in Kolkata for Rs 710 crore to the Srijan Group, as part of its asset monetization strategy.
The announcement came in April last year.
In a regulatory update on Monday, DLF reported that the transfer of its IT/ITeS SEZ assets, including ‘DLF TechPark II’, has been completed to Makalu Builders LLP, which is associated with Srijan Group and Srijan Realty Pvt Ltd.
Additionally, the company has sold a 17.75-acre land parcel in Kolkata to Gangapurna Projects LLP, another entity of the Srijan Group.
The total value of these transactions amounts to Rs 710.23 crore.
DLF Group primarily focuses on developing and selling residential properties (Development Business) and leasing commercial and retail spaces (Annuity Business).
To date, the company has completed more than 185 real estate projects covering over 352 million square feet.
DLF retains a development potential of 280 million square feet across both residential and commercial property segments, alongside an annuity portfolio exceeding 49 million sq ft.
