Tata Realty and M3M Developers Compete to Acquire DLF’s Gurgaon Plot For Sale At Rs. 400 Crore.

As a part of its plans to sell off developed assets and hotel business in order to generate Rs. 7000 crores in two years to address debt issues, DLF, the prime real estate company of India, announced its intention to sell off a 27.4 acre plot in Gurgaon at an asking price of Rs. 400 crore. It has already sold off 400 plots in Garden City in Gurgaon’s sector 91-92. It plans to sell two IT buildings in Pune and Noida as part of its fund raising plan. It has a gigantic debt burden of Rs. 24000 crores. The divestment is part of its drive to reduce risks associated with developing residential complexes and getting rid of non-core assets.

The plot in question carries all necessary permissions and approvals to set up a residential project, the built space being 2 million sq. ft. located in sector 70A, close to the new southern peripheral road in Gurgaon, connecting National Highway 8 with MG Road.

M3M Developers and Tata Realty are vying with one another to acquire the land at Rs. 2000 per sq. ft.

DLF has shows a 12.81 % decline in consolidated net profit for the quarter ended June 30, amounting to Rs. 358.36 crores. The company held high input costs and escalating interest rates responsible for the lackluster performance. However, revenues increased to Rs. 2503 crores compared to previous year’s figures of Rs. 2161 crores.