DLF Seeks ₹30 Billion for Mumbai Land Sale
India's largest listed real estate developer, DLF, is engaged in discussions with three prominent Mumbai-based real estate companies to sell a significant piece of land located in central Mumbai.
Interested Buyers and Valuation Disparity
The companies in question are Lodha Developers, Runwal Group, and Sheth Creators. While DLF is seeking a substantial valuation of ₹30 billion ($571 million) for the 6.8-hectare property, the potential buyers are negotiating within the range of ₹20 billion to ₹22 billion, as per an unnamed source quoted in a recent report.
Quote on the Negotiation Status
“Even as all the parties had talks with DLF, the developer is yet to make up its mind, as it is expecting higher valuations.” - Unnamed Person
Background on the Property
DLF initially acquired the land in 2005 from the state-owned National Textile Corporation for ₹7.02 billion.
Response from Interested Parties
- Lodha Developers: Abhisheck Lodha, Managing Director, denied any involvement in talks with DLF.
- Runwal Group: An executive from the group also responded negatively regarding the negotiation.
- DLF’s Stance: The company’s spokesman stated that DLF does not comment on market speculation.