DLF Limited has executed two major sale agreements for its Kolkata properties, marking a significant asset monetization initiative worth ₹669.86 crore. The transactions were formalized on February 3, 2026, under Regulation 30 of the SEBI Listing Regulations, involving the company's IT/ITeS SEZ business and vacant land parcels.

Transaction Structure and Details

The company has entered into two separate agreements with entities forming part of the Srijan Group. The first involves a business transfer agreement with Makalu Builders LLP and Srijan Realty Private Limited for the sale of its IT/ITeS SEZ undertaking valued at 4.1B Rupees. The second comprises an agreement to sell 17.75 acres of vacant land with Gangapurna Projects LLP for 2.60B Rupees.

SEZ Business Performance

The Kolkata IT/ITeS SEZ business being sold generated substantial revenue for DLF during FY 2024-25. The business contributed ₹66.88 crore in turnover, comprising gross rental income of ₹41.74 crore and maintenance & other income of ₹25.14 crore. This represented approximately 1.49% of the company's total turnover during the financial year.

Buyer Information and Transaction Terms

The buyers include Makalu Builders LLP, Srijan Realty Private Limited, and Gangapurna Projects LLP, all subsidiaries of Srijan Realty Private Limited. These entities do not belong to DLF's promoter, promoter group, or group companies and are engaged in the real estate business. The transactions are structured as cash deals and will not result in any change to DLF's shareholding pattern.

Regulatory Compliance and Timeline

Both transactions are subject to fulfillment of certain conditions precedent, including:

• Receipt of relevant regulatory approvals
• Obtaining necessary consents and sanctions
• Completion of requisite adjustments as specified in the definitive documents

The completion of both sales is expected within approximately four months from February 3, 2026, unless timelines are extended as per the agreement terms. The company has confirmed that the SEZ business undertaking does not meet the threshold limits of "Undertaking" under Section 180(1)(a) of the Companies Act, 2013, and Regulation 37A of the SEBI Listing Regulations.

Strategic Rationale

DLF has indicated that the proposed sale is being undertaken as part of the company's business strategy to enhance shareholders' value. The transaction represents a slump sale structure for the SEZ business undertaking, while the land parcel sale follows a conventional agreement to sell format. Both deals are conducted at arm's length and do not constitute related party transactions.

DLF announced its strategic entry into the senior living housing segment with plans to launch a project in Gurugram this quarter, marking a significant expansion for India's largest real estate company. The project carries an estimated revenue potential of ₹2,000 crore as part of the company's broader growth strategy.

Senior Living Project Details

Speaking at a conference call with analysts, DLF Managing Director Ashok Tyagi confirmed the upcoming launch while highlighting the strong housing demand in Gurugram, particularly for credible developers. The senior living project represents the company's first venture into this specialized housing segment.

Sales Performance and Targets

Despite experiencing a significant decline in quarterly sales bookings, company management remains optimistic about meeting annual targets. Tyagi expressed confidence in achieving the pre-sales target of ₹20,000-22,000 crore for the current fiscal year.

The company attributed the subdued Q3 performance to pausing sales bookings in its ongoing ultra-luxury residential project 'The Dahlias' and the absence of new housing project launches during the quarter.

The Dahlias Project Update

DLF Home Developers MD Aakash Ohri provided updates on the company's flagship ultra-luxury project. Sales have resumed in 'The Dahlias' project from the current quarter, with significant price appreciation recorded.

Ohri revealed that a renowned NRI recently purchased a property in this project, though the specific buyer was not disclosed. The project launched in October 2024 and has demonstrated strong market acceptance despite premium pricing.

Expansion Plans

Beyond the senior living project, DLF has outlined plans for additional launches across multiple markets. The company intends to expand its presence in Gurugram, Mumbai, Panchkula and Goa, diversifying its geographic footprint and project portfolio.

Company Performance Context

The Gurugram-based company operates through two primary business segments: the Development Business focusing on residential properties, and the Annuity Business involving commercial and retail property development and leasing. In the previous financial year 2024-25, DLF achieved record sales bookings of ₹21,223 crore, establishing a strong foundation for current expansion initiatives.