New Delhi, Oct 17 (PTI) Realty major DLF Ltd has acquired a 7.5-acre land in Gurugram to build a housing project as part of its expansion plan amid strong demand for luxury homes.
This plot is contiguous to 28 acres on Golf Course Extension Road that the company acquired in early 2024 from IREO, after taking over bad loans worth ₹825 crore related to the land.
"We entered into a collaboration for a fresh 7.48 acres of land, which is contiguous to the 28 acres. So, eventually, it will be a 36-acre land parcel contiguous in Sector 61 (Gurugram) that we will have," Managing Director Ashok Tyagi told analysts in a conference call on Saturday.
He said the company has made small payments to lenders in the September quarter towards this additional land parcel.
According to an investor presentation, DLF invested ₹353 crore in the September quarter on payments related to land acquisition. In the first quarter of this fiscal, it had spent ₹210 crore.
Tyagi said the land deal is expected to be completed by March end, but did not disclose the total land cost.
He also did not tell the timeline for launch of the housing project on this contiguous 36-acre plot.
According to a regulatory filing in 2024, DLF had entered into an agreement with Standard Chartered Bank, Singapore Branch, DB International (Asia), Singapore and Deutsche Investments India (lender/bond holder).
From these lenders, DLF agreed to buy non-convertible, redeemable bonds issued by IREO (bond issuer).
" ₹825 crore was the outstanding loan that the developer had with these two banks. Actually, the loan was about ₹1,200 crore. The bankers agreed to take a hair cut as a one-time settlement. So, ₹825 crore is what we have bought the loan at from the bankers," Tyagi had said in 2024.
The total development potential for the initial 28-acre plot is 7.5 million square ft, which will now increase significantly.
The Golf Course Extension Road has become an important micro market in the Gurugram residential market, with many leading developers launching luxury projects in this area.
India's largest realty firm DLF Ltd has developed more than 185 real estate projects so far, covering more than 352 million square feet of area.
The group has 275 million sq ft of development potential across residential and commercial segments, including current projects under execution.