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The real estate giant DLF limited has purchased a 29-acre plot of land on prestigious Golf Course Extension Road, Gurugram. The plot of land has potential for 7.5 million square feet of residential development. The total arrangement is worth about Rs 825 crore.
The company plans to purchase full rights and interest in a 29-acre property tract with up to 7.5 million square feet of projected development potential, either directly or through its affiliates. A 25-acre portion of the designated land is included in the mortgaged land.
“Therefore, the business and the bondholder have reached a deal whereby the business will buy the aforementioned bonds for a negotiated consideration of Rs 825 crore and will take over the bondholder’s rights,” the real estate major stated in the statement.
DLF Expands Presence With Acquisition On Golf Course Extension Road
According to the statement, the company is buying the bonds as a strategic investment and will consider its rights under the bond’s documentation, including enforcement and settlement with the bond issuer and any affiliates, after adhering to the legal process and obtaining any necessary approvals and sanctions.
The land was purchased from a developer who had a distressed debt from two lenders (Deutsche Investments India Private Limited, Standard Chartered Bank, Singapore Branch, DB International (Asia) Limited, Singapore, and Standard Chartered Bank, Singapore Branch).
This information was later shared by DLF Managing Director Ashok Tyagi during an investor call. He added that DLF had spent the previous twelve months attempting to negotiate this deal with the developer, the two lenders, and themselves.
DLF Gurgaon Rs 825 Crore Investment In 7.5 Million Sq. Ft Development
Today, we signed the paperwork to purchase the debt from these two lenders, and we will now work with the developer to take control of this, hopefully in a cordial manner. This 29-acre group housing plot on Golf Course Extension Road, close to sector 61, could provide 7.5 million square feet of saleable space.
He went on to say that it may take up to a year to get it ready for the market with all the clearances and other procedures.
In the third quarter of this fiscal year, DLF Limited recorded a consolidated net profit of Rs 649 crore, up 26% Year on Year, according to a regulatory filing on January 24. With a sales booking of Rs 9,047 crore, DLF achieved the highest quarterly total, supported by several launches in the quarter.
Negotiation Mastery: DLF’s Year-Long Effort Culminates in Land Acquisition
According to a regulatory filing, the company’s consolidated sales increased from Rs 1559.66 crore in the same time last year to Rs 1644 crore in October–December of 2023–24. In the third quarter, DLF’s EBITDA was Rs 633 crore, while its operating cash flow excess was Rs 1108 crore. In second quarter, the company’s EBITDA was Rs 591 crore.
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