In a strategic move, DLF Ltd, a listed real estate developer, has recently concluded the sale of a prime 4.67-acre land parcel to Cholamandalam Investment and Finance Company Limited in Chennai. The transaction, valued at a staggering Rs 735 crore, underscores DLF's commitment to optimizing its asset portfolio.
DLF IT Offices Chennai Private Limited, a wholly-owned subsidiary of DLF Ltd, facilitated the sale, which was formalized through a registered sale deed and related documentation received on March 13, 2024.
Situated near the renowned Madras Race Club at Guindy in Chennai, the land boasts immense potential for both residential and mixed-use development, making it an attractive investment opportunity for Cholamandalam Investment and Finance Company Limited.
This significant transaction comes on the heels of DLF's robust financial performance in the third quarter of the fiscal year, where the company reported a consolidated net profit of Rs 649 crore, marking a notable 26% year-on-year increase. Notably, DLF also achieved its highest quarterly sales booking of Rs 9,047 crore during this period, fueled by the successful launch of multiple projects.
As DLF continues to explore strategic initiatives to enhance shareholder value and bolster its market position, the sale of this prime land parcel underscores the company's proactive approach to capitalizing on lucrative opportunities in the dynamic real estate landscape.
Cover image- timesproperty.com
