DLF's 17.5-acre land in Mumbai to be acquired by Lodha Group

NEW DELHI: Real estate DLF has decided to sell its 17.5-acre land in the financial capital's Lower Parel for close to Rs2,800 crore. The land will be acquired by Lodha Group and also a private equity (PE) player.

The divestment will prove helpful for the realty major reduce its debt that touched Rs 22,725 crore by March 31, 2012.

The buyers have already paid an advance along with the final terms of the deal are presently being worked out.

The Lodha Group will be paying Rs1,000 crore and the remaining amount will be paid by the PE fund. In 2005, DLF purchased the land for Rs702 crore in an auction from state-owned National Textile Corporation.