Real estate developer DLF has acquired an additional 7.48 acres in Sector 61, Gurugram, to develop a housing project, expanding its contiguous land parcel on Golf Course Extension Road to about 36 acres. The transaction is expected to be completed by the end of March, although the company has not disclosed the total cost or the project launch timeline.

The newly acquired plot is contiguous with 28 acres that DLF obtained in early 2024 from IREO. The earlier transaction involved the acquisition of non-convertible, redeemable bonds issued by IREO from lenders including Standard Chartered Bank, Singapore Branch, DB International (Asia), Singapore and Deutsche Investments India.

DLF had acquired the outstanding loan associated with the land for Rs. 8.25 bn through a one-time settlement with the lenders. The original loan was about Rs. 12 bn, with the lenders agreeing to a reduction before the transaction was completed.

The company made initial payments towards the additional land parcel during the September quarter. Its investor presentation showed that DLF spent Rs. 3.53 bn on land acquisition-related payments during the quarter, compared with Rs. 2.1 bn in the first quarter of the financial year.

The original 28-acre plot had a total development potential of 7.5 mn square feet, which will increase significantly after the addition of the new land. Golf Course Extension Road has emerged as a key residential micro market in Gurugram, with several major developers launching luxury housing projects in the area.

DLF has developed more than 185 real estate projects covering over 352 mn square feet. The company has development potential of 275 mn square feet across its residential and commercial businesses, including projects currently under execution.