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Jun 30, 2012, 12.34 PM IST
DLF's much speculated Mumbai land sale deal has once again gained steam as three buyers are in advanced stages of negotiation. Sources told CNBC-TV18, this deal could close in the next couple of months.
DLF's much speculated Mumbai land sale deal has once again gained steam as three buyers are in advanced stages of negotiation. Sources told CNBC-TV18, this deal could close in the next couple of months.
Major developers in Mumbai have already evaluated this transaction at some point or the other. But, there are three names including Lodha Developers, Runwal Group and Oberoi Realty that are doing the rounds, reports CNBC-TV18's Priyanka Ghosh. Also watch the accompanying video. Negotiations had actually begun with Oberoi Realty and DLF but, consequently those talks had fallen through. Now, the developers are teaming up with financers and private equity players. So HDFC is backing Lodha Developers and the Runwal Group while GIC and Morgan Stanley have tied up with Oberoi Realty. The valuations of the deal is likely to be in the range of Rs 2300 crore to Rs 2600 crores.
Since there is still a cloud over the permissible FSI on this plot, in this case the line of payment is more important than the transaction itself. Sources claim that in the next 45-60 days, this transaction is scheduled to close and it is pretty much the timeline that DLF had also set for itself. However, DLF did not wish to comment on the development and said that it was a market speculation.
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