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DLF has agreed to sell its IT/ITeS SEZ property and adjacent land parcel in Kolkata to subsidiaries of Srijan Realty for around INR 670 crore. The transaction includes DLF TechPark II, offering about 10.54 lakh sq ft of gross leasable area, and roughly 8.15 acres of freehold land, along with a 17.75-acre vacant land parcel. In FY2024-25, the SEZ business generated INR 66.88 crore, a minor share of DLF's consolidated turnover. The sale reflects DLF's ongoing strategy to optimize its portfolio and focus on core high-value assets.
DLF has entered into definitive agreements to sell its IT/ITeS SEZ property and an adjoining land parcel in Kolkata to Makalu Builders LLP and Gangapurna Projects LLP, both operating under Srijan Realty, for a combined consideration of about INR 670 crore. Advertisement
The deal involves two components. Under a business transfer agreement, DLF will transfer its IT/ITeS SEZ undertaking, which includes DLF TechPark II, along with a freehold land parcel measuring approximately 8.15 acres in Kolkata. This property, offering a gross leasable area of around 10.54 lakh sq ft, is valued at approximately INR 409.86 crore.
Separately, DLF has agreed to sell about 17.75 acres of vacant land in Kolkata to Gangapurna Projects LLP for roughly INR 260 crore. The vacant land is expected to offer future development potential for commercial or mixed-use projects in a prime location, providing the buyer with an opportunity to expand their footprint in the city.
The SEZ business being sold recorded a turnover of INR 66.88 crore in FY2024-25, which included INR 41.74 crore from gross rentals and INR 25.14 crore from maintenance and other income. The SEZ business contributed just over 1.5 per cent to DLF's consolidated turnover, highlighting that while the property is substantial, its relative impact on the company's revenue is limited.
Both transactions are structured with completion expected within roughly four months, contingent on the fulfillment of standard conditions precedent. The SEZ business transfer is being carried out via a slump sale mechanism, in line with earlier DLF divestments in Kolkata and other cities.
This divestment follows prior sales of IT and commercial assets by DLF in Kolkata, reflecting the company's broader approach to rationalize its portfolio. The move allows DLF to focus on core markets and high-value assets while unlocking capital from properties that, while valuable, contribute only a small fraction to overall revenue.
By selling these assets, DLF ensures a structured transfer to experienced developers, while Srijan group entities gain access to a large SEZ property with operational infrastructure and additional land for future expansion. The deal underscores sustained investor interest in well-located IT/ITeS and commercial assets in metropolitan hubs like Kolkata.
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