New Delhi, March 30 Real estate major DLF has finalized a deal to sell its IT-ITeS SEZ (special economic zone) project and nearly 18 acres of vacant land in Kolkata for Rs 710 crore to Srijan Group as part of its strategy to monetize commercial assets.
The deal was announced in April last year.
In a regulatory filing on Monday, the company informed that it has completed the transfer of its IT/ITeS SEZ undertaking, comprising the SEZ property, including the constructed building, namely 'DLF TechPark II', to Makalu Builders LLP, an entity forming part of the Srijan Group and Srijan Realty Pvt Ltd.
DLF has also completed the sale of 17.75 acres of vacant land parcel situated in Kolkata to Gangapurna Projects LLP, another entity forming part of the Srijan Group.
The total consideration for these transactions is Rs 710.23 crore.
DLF Group is primarily engaged in the business of developing and selling residential properties (the Development Business) and developing and leasing commercial and retail properties (the Annuity Business).
It has developed more than 185 real estate projects, totaling over 352 million square feet.
DLF has 280 million square feet of development potential across the residential and commercial segments. It also has an annuity portfolio of over 49 million sq ft.