DLF sells 4.67-acre Chennai land parcel to Cholamandalam for Rs 735 crore

Listed real estate developer DLF Ltd has sold 4.67 acres of land to Cholamandalam Investment and Finance Company Limited in Chennai for Rs 735 crore, the company said in a regulatory filing.

“We would like to inform that DLF IT Offices Chennai Private Limited, a
wholly-owned subsidiary, has undertaken strategic sale of land owned by it,
admeasuring 4.67 acres or thereabouts, situated at Chennai District, toCholamandalam Investment and Finance Company Limited,” DLF said in a regulatory filing on March 13.

The company said that the size of the land deal is Rs 735 crore. The registered sale deed and other transaction related documents were received by the Company on March 13, 2024, it said.

According to sources, the land is located near Madras Race Club at Guindy in Chennai and it can be used for the residential as well as mixed land use purposes.

DLF on January 24 had reported a consolidated net profit of Rs 649 crore in the third quarter of this fiscal, up by 26 percent YoY. The realty major recorded highest quarterly sales booking of Rs 9,047 crore backed by multiple launches during the quarter.

The company's consolidated revenue rose to Rs 1644 crore in October-December of 2023-24 from Rs 1559.66 crore in the year-ago period, according to a regulatory filing. DLF’s luxury housing project Privana South project was sold within 72 hours in pre-launch and the company had witnessed pre-formal launch sales of Rs 7200 crore.

DLF had sold properties worth Rs 15,000 crore during 2022-23 and is set to surpass this number in the current fiscal going by sale bookings clocked in the first three quarters. DLF had last month said that it plans to launch properties worth nearly Rs 80,000 crore over the next 3-4 years to tap rising demand for housing and commercial projects.