Lodha Developers on Thursday said it had completed the acquisition of 17-acre land in Mumbai from realty major DLF for Rs 2,725 crore — the largest realty deal so far this year.
In August, DLF had announced sale of this land parcel to Lodha Developers for about Rs 2,700 crore, almost four times higher than the price it had paid in 2005. India's largest real estate company, DLF, had bought the land from National Textile Corporation for Rs 703 crore and decided to sell the land as part of the strategy to exit from non-core business.
Lodha had paid Rs 500 crore as advance to DLF in August. In a statement, Lodha said that the company "has completed its planned acquisition of the prime 17-acre Mumbai Textile mill property at Worli from DLF Ltd".
Lodha had entered into a binding agreement with DLF to acquire DLF’s arm, Jawala Real Estate, which owned this land.
"This transaction, which was expected to complete by the end of October, has been concluded as per the envisaged timeframe.