DLF Sells Kolkata SEZ to Srijan Group for ₹693 Crore as Part of Asset Monetisation Plan

DLF Ltd has sold its IT-ITeS Special Economic Zone (SEZ) project in Kolkata to Srijan Realty Pvt Ltd for ₹693 crore. The company disclosed the development in a regulatory filing, stating that it has entered into a definitive Master Framework Agreement with Srijan Realty and its subsidiary companies. The transaction includes the sale of a freehold land parcel measuring 25.90 acres and the constructed DLF Tech Park building, which has a gross leasable area of approximately 10.54 lakh square feet. The deal is part of DLF’s strategy to monetise its commercial assets and focus on high-return geographies.

The transaction is still subject to the fulfilment of certain conditions precedent, regulatory approvals, and consents as outlined in the transaction documents. If all requirements are met, the deal will go through as planned, further optimising DLF’s capital allocation strategy. This asset monetisation effort comes on the back of a similar move last year, when DLF Cyber City Developers Ltd (DCCDL), a joint venture between DLF and Singapore’s sovereign wealth fund GIC, sold another IT park in Kolkata to Primarc and RDB Group for ₹637 crore. In the DCCDL joint venture, DLF holds a 66.67 percent stake, while GIC owns the remaining 33.33 percent.

DLF’s business is structured into two primary segments. One is the Development Business, which involves construction and sale of residential properties. The other is the Annuity Business, which focuses on the development and leasing of commercial properties such as office complexes and retail malls. The sale of the SEZ project in Kolkata is in line with the company’s larger strategy of exiting non-core or lower-yielding assets and concentrating on markets that offer higher returns. The company is especially focused on regions like Delhi-NCR and Chennai, where it has a strong pipeline and operational presence.

Over the years, DLF has developed more than 185 real estate projects, covering over 352 million square feet. The group’s current land bank provides a development potential of around 220 million square feet across both residential and commercial segments. The company has consistently looked at opportunities to unlock value from completed commercial assets while maintaining a focus on the development of premium spaces in select cities.

Srijan Group, the buyer in this transaction, is active in the Kolkata real estate market and has been expanding in the commercial segment. The acquisition of the DLF Tech Park property adds a sizable income-generating asset to its portfolio. The property’s location, infrastructure, and built-up area are expected to support Srijan’s expansion in the IT-ITeS real estate segment. 

The deal signals continued investor interest in Grade-A office assets in metropolitan markets, particularly those supported by stable tenancy and long-term leasing demand from the technology and services sector.