BENGALURU: DLF Ltd said on Wednesday it had reached an agreement to sell its Kolkata IT/ITES (Information Technology and Information Technology Support Services) to local developer Srijan Realty Pvt. Ltd and its subsidiaries ₹693 million.
The Commercial Office SEZ -Kolkata Tech Park 2 is located in the Rajarhat area of suburban Kolkata, with a total leaseable area of 1.1 million square feet.
The transaction requires regulatory approval.
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“The proposed transaction will be conducted through a downturn in the sale,” the DLF said in the regulatory filing.
A downturn sales involves a one-time payment for the entire business.
Stocks of the country’s largest real estate company have dropped by about 1% ₹656.60 on Wednesday’s BSE.
In November, a subsidiary of the DLF Group agreed to sell its 1.4 million square foot office property – Kolkata Tech Park 1 – to a branch of RDB Primarc Techno Park LLP, Primarc and RDB Group in Rajarhat.
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Eastern Market Export
With the sale of both properties, DLF will exit the eastern real estate market, which entered nearly two decades ago when India was witnessing the real estate boom.
Sriram Khattar, vice chairman and managing director of DLF leasing business, told Mint In November, after the sale of Kolkata Technology Park 1, the company will use the funds to invest in high-growth markets, which will bring higher returns to shareholders.
Gurugram-based DLF has also developed a large residential project, DLF New Town Heights, Kolkata.
DLF is one of the largest commercial office developers in the country.
DLF Group has a portfolio of over 42 million square feet of operating business offices. Another 14 million square feet are under construction. These projects are mainly concentrated in Gururam, Chennai and Noida. The developers have made huge plans to expand their rental income.
According to property consulting firm India, total leases for commercial office space in India hit a historic high, following pandemic-dominated uncertainty.
