Majority stakes of DLF Capital Greens 6 are planned to be sold to Singapore’s sovereign wealth fund GIC as the builder didn’t meet the expected demand by investors on this project. According to the sources, the deal may be valued between 1500-2000 crore rupees.
DLF Capital Greens 6 is spread in 25 acres of land in west Delhi’s Moti Nagar area which will be ready for possession in coming few months. According to the sources, “DLF may be looking at commencing construction and selling only when the market improves”. DLF said that it doesn’t comment on market assumptions.
DLF is a leading real estate developer in India which is meeting slow sales and high debts because of the market’s situation where selling of residential property mainly focuses on affordable projects and huge brands like DLF get sidelined as people prefer new builders over the traditional because the former ones are offering residential projects at less than the market rates to sell more and more which will increase their client base eventually.
As the year started, DLF also expected to manage its high debt level of operation and function with the help of joint ventures or tactical divestments with strategic or financial investors in specific projects. The Current value of their deals in pipeline exceeds Rs 3,000 crore.
DLF Capital Greens 6 was launched 6 years back with the promise to be completed within 33 months from its launching date. The land was bought back in 2007 from Lohia Group and DCM Shriram to build about 2800 apartments in the edifice. GIC invested Rs. 150 crore in a joint venture with real estate company Vatika Group towards the end of last year to work for two housing projects in Gurgaon.