Lodha Group Nears Acquisition of Prime Mumbai Plot from DLF
India's renowned Lodha Group is reportedly in advanced negotiations with DLF, the country's largest listed real estate developer, to purchase a significant plot of land in Mumbai. The transaction, valued at approximately $500 million, marks a substantial deal in the Indian real estate landscape.
Background of the Plot
- Location: The plot spans 17 acres in central Mumbai, a highly coveted area for real estate development.
- History: DLF acquired the land in 2005 for about 7 billion rupees (approximately $129 million at the time).
- Purpose of Sale: The divestment is part of DLF's strategic plan to sell off select assets, aiming to reduce its substantial debt burden of about $4 billion.
The Deal's Contenders
- Lodha Group: Emerged as the front-runner for the land parcel, according to sources with direct knowledge of the negotiations, who wished to remain anonymous due to the non-public nature of the deal.
- Response from Involved Parties:
- DLF: Declined to comment on the matter.
- Lodha Group: Through a spokesman, denied being in talks with DLF, potentially indicating the sensitive or preliminary stage of the negotiations.