Bengaluru: DLF Limited said on Wednesday that it has entered an agreement to sell its Kolkata IT/ITES (Information Technology and Information Technology-Services) Special Economic Sector (SEZ), including a land parcel, which extends to the local developer Shrjan Realty Private in 25.9 acres. For Limited and its subsidiaries 693 crores.
Commercial Office SEZ- Kolkata Tech Park 2- The suburban is located in the Rajrahat region of Kolkata and has a gross area of 1.1 million square feet.
The transaction is subject to regulatory approval.
“The proposed transaction is to be done through a recession sale,” DLF said in a regulatory filing.
The sales of a recession include a lump sum for selling the entire business.
The stock of the country’s largest real estate firm decreased by about 1% 656.60 on BSE on Wednesday.
In November, a subsidiary of a DLF group, a 1.4 million square-foot office assets- Kolkata Tech Park 1- In Rajarhat, agreed to sell RDB Primary Techno Park LLP in Rajarhat, a partner of Primer and RDB Group.
Eastern market drainage
With the sale of these two properties, the DLF will come out of the Eastern Realty Market, which was recorded about two decades ago, when India was watching a real estate boom.
Shriram Khattar, Vice President and Managing Director, DLF rental business, told Mint In November, after the sale of Kolkata Tech Park 1, the company will use this capital to invest in high-development markets that will generate better returns for its shareholders.
DLF at Gurugram has also developed a large residential project, DLF New Town Heights in Kolkata.
DLF is one of the country’s largest commercial office developers.
The DLF group has 42 million square feet of operational commercial office portfolio. Another 14 million square feet are under construction. Projects are largely concentrated in Gurugram, Chennai and Noida. The developer has a big plan to increase its rental income.
Last year, a 79 million square-foot-foot historic high of the commercial office place in India was touched, which was in accordance with the Property Advisor CBRE India after the early years of the epidemic-numerous uncertainties.
