DLF, the Real Estate giant is seeking partnership with private equity players in order to raise funds to develop a commercial project of worth Rs.1600 crore on the 11.76 acre land parcel in Gurugram. Saurabh Chawla, the Chief Financial Officer, of the DLF group said that India’s largest realty company is likely to dilute nearly 50 percent stake in this 2.5 million sq. ft. commercial project.
Chawla, further said that the DLF group bought this land from HSIIDC [Haryana State Industrial Infrastructure Development Corporation] in February during an E-auction and the realtor paid Rs. 1,496 crore for purchasing this land. Although, the land valued at Rs. 1600 crore after adding the Stamp duty charges and the DLF group bought this land parcel as it is close to the DLF Cyber city in Gurugram.
The DLF group is in talk with various private equity funds and the deal is likely to be closed by September this year. Without naming any players with whom the group is seeking to partner in this project, the CFO said that this will be another partnership deal like it was with GIC, an investment firm for housing projects in Delhi.
Earlier in September 2015, GIC a Singapore’s sovereign wealth fund firm invested nearly Rs 2,000 crore in DLFs two housing projects in the Delhi. The DLF group is one of the leading realtors of India and owns more than 30 million sq. ft. of immovable rental properties.
The DLF group is keen to build commercial properties for both Business2Customer [B2C] and Business 2 Business [B2B] and also offer the opportunity to hold property as investment property earning lease rentals. DCCDL group currently owns and operates a pan-India portfolio of about 27 million sq. ft., which is slated to grow more than double in the next 10 years.