DLF close to sell NOIDA plots to Bharti Realty for Rs 250 cr

NEW DELHI: In continuation to reduce debt burden through divesting its non-core assets, India’s biggest real estate firm DLF is believed to be close a deal to sell off two 25-acre plots of land in Noida to Bharti Realty, the realty arm of Bharti enterprises, for 250 crore.

The two plots of land in Sector 144 of Noida have permissions to build IT parks under the IT park scheme of Noida and the buyer can build close to 2.5-3 million sq ft of office space on each of the two plots, said sources close to the development. Both DLF and Bharti Realty spokespersons, however, refused to comment on the deal.

Bharti Realty, who has been keen on expanding its footprint in Noida, has been in talks with a number of other landowners in sector 144 and 145 of Noida for potential buys and joint development agreements. These deals, however, have fell through over the last few quarters, reports Economic Times.

The company had earlier bought a commercial plot of land from DLF in 2010-11 in Gurgaon’s Sector 65 on which it has just started developing an office building. According to sources, Bharti Realty is currently negotiating with Bharti-Walmart to bring them in as an anchor tenant. This is expected to be Bharti-Walmart’s headquarters in the future. “They are looking at expanding their real estate business as the group’s in-house requirements for space are growing,” the sources further added.

For DLF, this sale is part of their on-going divestment of non-core assets.

DLF has been selling their non-core assets for last two years, which include land, SEZs and some office buildings.  The realty major and its partner Hubtown Ltd had sold Pune special economic zone (SEZ) for Rs. 810 crore to US private equity firm Blackstone Group in December 2011. Earlier in September 2011, the company sold 28-acre plot in Gurgaon to developer M3M India for 440 crore.

The company’s net debt stands at 22,758 crore at the end of December 31, 2011, down marginally by 169 crore in the October-December quarter. The company's share went up to 245, a marginal increase of 4.5 percent in BSE, on Tuesday.