DLF has agreed to sell 49 percent stake in its upcoming commercial project in Gurugram to Hines for about Rs 900 crore. This will be the second project that DLF will develop in a joint venture (JV) with Hines.
DLF has already signed a term sheet with Hines to develop a prime commercial project on 11.76 acre land parcel in Gurugram. It bought the land for nearly Rs 1,500 crore through e-auction conducted by the Haryana government in February 2018.
The company on 1 November 2018 signed a non-binding term sheet with a fund managed by Hines for 51:49 partnership to develop a high-end commercial project on NH-8 at Gurugram.