Realty major DLF's promoters are in the final stage of discussion with potential investors to sell their 40 per cent stake in the company's rental arm DCCDL Ltd for an estimated Rs 12,000-14,000 crore.
DLF is targeting Rs 3000-3500 crore of pre-sales booking for the fiscal year, said Saurabh Chawla, Senior ED Finance at the company.
In an interview with CNBC-TV18, Saurabh Chawla, Senior ED of Finance at DLF said that the rationale behind this JV is to increase focus on premium and luxury projects and Ridgewood will take 100 percent control in certain projects post re-alignement.
Speaking to CNBC-TV18, Saurabh Chawla, Senior ED Finance at DLF said this is a year- old transaction which DLF sees as a step forward to create a pure play real estate entity.
Saurabh Chawla, Senior ED Finance, DLF says that with a one-shot investment, GIC will invest Rs 1,990 crore in the two projects, adding that the projects are in early stages of planning and development.
The country's largest real estate firm achieved gross sales bookings of Rs 3,850 crore in 2014-15 fiscal, down 5 percent from Rs 4,070 crore achieved in the previous year.
DLF is in talks with various financial investors for raising funds in some of its housing projects and also for participation in its REITs platform for commercial properties.