DLF sells 17.5 acre NTC land to Lodha developers

According to several reports in the media, India's infrastructure major, DLF has sold 17.5 acre NTC land to Lodha developers under a deal valued at about Rs 2750 crore.

The largest real-estate developer sold the plot located at Lower Parel in Mumbai to Lodha Developers for Rs 2,750 crore. The company made a profit of Rs 2,000 crore over seven years through the sale of land in the country's financial capital.

Indian Stock Market closed at five month high on Monday. The BSE Sensex remained flat during most of the trading session but inched up in the last one hour of trade. BSE Sensex closed 75 points higher at 17633 and NSE Nifty closed at 5347, registering a gain of 27 points.

The premium residential project to be started by Lodha Developers needs a capital expenditure of Rs. 2,000 crore.

Known as the Lodha World Place, this is supposed to be the world's tallest residential building. And it is going to be set up in Mumbai.

Lodha Developers, one of the India's premier real estate developers, is looking to raise between Rs 2,000 crore - Rs 3,000 crore through IPO.

The company expected to file its Draft Red Herring Prospectus (DRHP) by next week.

Sources reported that company will utilize about 20% of the funds raised for retiring debts and the rest for developing various projects and expansion.