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DLF Limited has completed the sale of its IT/ITeS special economic zone (SEZ) project and an adjoining 17.75-acre land parcel in Kolkata to entities of the Srijan Group for a total consideration of INR 710.23 crore. The transaction includes the transfer of DLF TechPark II and vacant land through separate group entities of the buyer. The deal, announced earlier, aligns with DLF's strategy to monetise commercial assets and recycle capital. The divestment reflects continued consolidation in commercial real estate portfolios and the role of regional developers in acquiring income-generating assets and land parcels for future development.
DLF Limited has completed the divestment of its IT/ITeS special economic zone (SEZ) project and a vacant land parcel in Kolkata to entities affiliated with the Srijan Group for a total consideration of INR 710.23 crore, according to a regulatory filing made in recent days. Advertisement
The transaction, which had been announced previously, involves the transfer of the SEZ undertaking, including a constructed office building known as DLF TechPark II, to Makalu Builders LLP. The acquiring entity forms part of the Srijan Group and Srijan Realty Pvt Ltd.
In addition to the SEZ asset, DLF Limited has also completed the sale of approximately 17.75 acres of vacant land located in Kolkata to Gangapurna Projects LLP, another entity within the Srijan Group. The combined value of both transactions aggregates to INR 710.23 crore.
The divestment forms part of DLF's broader strategy to monetise its commercial portfolio and optimise capital allocation. The company has been focusing on recycling capital from non-core or mature assets to strengthen its balance sheet and deploy resources towards priority developments.
DLF operates across two primary business verticals: the development business, which includes residential projects, and the annuity business, which comprises leased commercial and retail assets generating recurring income. The company has delivered more than 185 real estate projects, covering over 352 million sq ft of developed area.
Its current development pipeline includes approximately 280 million sq ft across residential and commercial segments, while its annuity portfolio spans more than 49 million sq ft. The sale of assets such as the Kolkata SEZ aligns with ongoing portfolio rationalisation within the annuity segment.
For the acquiring side, the transaction provides access to a ready commercial asset along with a sizeable land parcel, offering potential for further development in a key eastern market. Regional developers have increasingly been participating in such acquisitions, particularly where opportunities arise to acquire operational office assets along with future development potential.
The transfer of SEZ assets typically involves regulatory compliance and approvals, given the specialised nature of such developments. Completion of the transaction indicates that all necessary processes have been concluded.
The deal reflects a broader trend in India's commercial real estate sector, where established developers are monetising select assets while regional players and investment entities are expanding their portfolios through acquisitions.
Such transactions also indicate continued investor interest in income-generating office properties and strategic land holdings, particularly in established urban centres like Kolkata, where commercial real estate demand remains linked to business activity and infrastructure growth.
Source - PTI
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