DLF receives Rs 93 crore from IDFC against sale of Noida IT park

India's largest realty firm DLF on Tuesday said it has received Rs 93.5 crore from IDFC as final instalment for acquiring an IT park project in Noida.

In November 2011, IDFC had bought 100 per cent holding in Galaxy Mercantile, which was a joint venture between DLF subsidiary DLF Home Developers and realtor The 3C Company.

DLF Home Developers had a 71 per cent stake in the JV, which owned an IT park in Noida comprising 1.3 million square feet of area.

In December 2011, the JV firm had got Rs 200 crore from IDFC as first tranche of payment.

In a filing to the BSE, DLF said that the subsidiary - DLF Home Developers Ltd (DHDL) - received its final tranche of payment of Rs 93.5 crore on the sale of balance shares of Galaxy Mercantile Ltd.

"In November 2011, IDFC had contracted to acquire 100 per cent stake in the JV company owning 1.3 million sq ft IT Park located in Sector 62, Noida, Uttar Pradesh," the filing said.

The above transaction is in line with the DLF's objective of divesting its non-core assets.

The company has raised about Rs 10,000 crore over the last few years through sale of non-core assets that included land parcels, IT parks, wind energy venture and hotel business.

Last month, DLF had sold its luxury hospitality chain Amanresorts to its original founder Adrian Zecha for $358 million (about Rs 2,200 crore).

The Amanresorts deal coupled with Rs 676 crore refund from the settlement of dispute with the Delhi Development Authority (DDA) on the Dwarka Convention Centre project helped DLF to reduce its net debt by over Rs 2,500 crore to Rs 17,400 crore.

DLF has a total developable potential of 312 million square feet and out of that 60 million square feet of projects area was under construction at the end of the December quarter.

The company's sales bookings rose 46 per cent to Rs 3,760 crore during April-December period of this financial year despite a slowdown in the real estate market.

It booked a pre-tax loss of Rs 400 crore in the settlement with DDA for Dwarka project, which it bagged in

2007 but was later scrapped.

The provision of loss dragged the DLF's consolidated net profit by 49 per cent to Rs 145 crore for the third quarter of this fiscal year.