DLF Agrees to Sell Kolkata IT Park to Local Developers

04 Dec 2024 CW Team

DLF, India’s largest real estate developer, announced that its subsidiary, DLF Info City Developers (Kolkata), has reached an agreement to sell its commercial office park in Kolkata to local developers Primarc Group and RDB Group for Rs 637 crore.

The property in question, Kolkata Tech Park 1, spans 1.4 million sq ft and is located in the Rajarhat area of suburban Kolkata. The sale will be made to RDB Primarc Techno Park LLP, a joint venture between Primarc and RDB Group.

DLF continues to own and operate another tech park in Kolkata, the 1.1 million sq ft Kolkata Tech Park 2, which is situated in a Special Economic Zone (SEZ) and sits on 18 acres of land for further development.

Sriram Khattar, DLF’s Vice Chairman and Managing Director of the rental business, stated that the proceeds from this sale would be reinvested in high-growth markets to generate superior returns for its shareholders.

This deal was advised by JLL, the transaction advisor. DLF, based in Gurugram, has also developed DLF New Town Heights, a large residential project in Kolkata.

Currently, DLF has a commercial office portfolio of 42 million sq ft, with an additional 14 million sq ft under development. The firm is one of the country's largest developers of commercial office spaces.

In its recent earnings report for the September quarter, DLF noted the steady growth of its rental business, particularly in the office sector. The office leasing market is seeing a significant recovery after the pandemic, with 2024 expected to reach a historic high of 70 million sq ft in leasing across nine cities.

Kolkata, although a smaller commercial market, is gaining momentum, with global capability centers (GCCs) entering the city. Experts suggest that office leasing in Kolkata could reach 1 million sq ft in 2024, making it an attractive market for developers.

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