DLF has acquired a 29-acre land parcel at Golf Course Extension in Gurugram for Rs 825 crore. With this acquisition, the company plans to develop a housing project, offering 7.5 million sq. ft. of saleable area.
The real estate firm is currently finalising the terms to acquire the land from Ireo. It will directly or through its affiliates intend to acquire overall rights and interest in land parcels measuring 29 acres. Out of the identified land, about 25 acres form part of the mortgaged land. In addition, DLF will obtain rights in the remaining land portion via separate binding agreements with the bond issuer.
Apart from this, DLF's Board approved the sale of its office building, DLF Centre, to its subsidiary DLF Cyber City Developers (DCCDL) for Rs 825 crore.