January 29, 2024: Real estate developer DLF completed the acquisition of a 29-acre land parcel situated on Golf Course Extension Road in Gurgaon for Rs 825 crore. The potential for development on this land parcel is estimated to be 7.5 million square foot (msf). According to a regulatory filing, the company, either directly or through its affiliates, aims to secure comprehensive rights and interests in the 29-acre land parcel, with 25 acre being part of the mortgaged land.
To facilitate this acquisition, the company has entered into an agreement with the bondholder. This arrangement involves the purchase of bonds at a negotiated value of Rs 825 crore, thereby assuming the rights of the bondholder. Media reports suggest that this move is strategic, with the company intending to explore various rights outlined in the bonds documentation. This includes the possibility of enforcing and settling matters with the bond issuer and its affiliate(s), following due legal processes and obtaining required approvals and sanctions. The remaining 4 acre of land will be acquired through separate binding agreements with the bond issuer and specific land-owning companies affiliated with it.
The land was acquired from IREO, a developer holding a distressed loan from multiple lenders- Standard Chartered Bank, Singapore Branch, and DB International (Asia), Singapore, and Deutsche Investments India. Completion of all necessary approvals and formalities is expected to take approximately 12 months before the land is ready to enter the market.
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Dhwani is a content management expert with over five years of professional experience. She has authored articles spanning diverse domains, including real estate, finance, business, health, taxation, education and more. Holding a Bachelor’s degree in Journalism and Mass Communication, Dhwani’s interests encompass reading and travelling. She is dedicated to staying updated on the latest real estate advancements in India.
Email: dhwani.meharchandani@housing.com
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