Delhi-based real estate developer DLF is reported to be looking for a partner to build new commercial projects on its Rs 1,600 crore land in Gurugram.
The realty major is in talks with private equity players to raise funds for developing commercial property on 11.76 acre land in Gurugram that it recently bought for about Rs 1,600 crore, a senior company official was reported as saying.
It is also reported that India’s largest realty firm could dilute up to 50 per cent of its stake in this 2.5 million sq ft commercial project.
In February 2018 DLF had bought the Gurugram land for Rs 1,496 crore in an e-auction conducted by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). After including the stamp duty, the total cost came to about Rs 1,600 crore.
“We bought this land in Gurugram as it was close to DLF Cyber City and was strategic for the company. Now, we are looking for a partner for development of this project,” a company official told PTI.
He said DLF is in talks with many private equity funds and expects to close this deal by September.
“This deal would be similar in nature as we did with investment firm GIC for housing projects in Delhi,” he added.
In September 2015, Singapore’s sovereign wealth fund GIC had invested about Rs 2,000 crore in DLFs two housing projects in the national capital.
DLF is a leading developer of commercial properties in the country and has more than 30 million sq ft of rental assets, mostly office space, which it owns directly as well as through JV with GIC.