DLF acquires nearly 50% stake in DLF Urban from GIC for Rs 497 crore

Real estate major DLF has acquired nearly 50 per cent stake in its arm DLF Urban Pvt Ltd from Singapore-based GIC for Rs 497 crore.

With this deal, DLF will have 100 per cent stake in DLF Urban Pvt Ltd, which has already completed a luxury housing project in the national capital.

DLF's wholly-owned subsidiary DLF Home Developers Ltd (DHDL) has "acquired 49.997 per cent of the total paid-up equity share capital and compulsorily convertible debentures held by Reco Greens Pte Ltd in DLF Urban Pvt Ltd, a subsidiary of DHDL."  Reco Greens Pte Ltd is a subsidiary of Singapore sovereign wealth GIC.

A Securities Purchase Agreement was executed on March 25, 2025 amongst DHDL, Reco and DLF Urban Pvt Ltd (DUPL), DLF said in a regulatory filing on Tuesday.

Post this acquisition, the holding of DHDL in the share capital of DUPL has increased from 50.003 per cent to 100 per cent. Consequently, DUPL has become a wholly-owned subsidiary of DHDL and also of DLF Ltd.

The cost of acquisition stood at Rs 496.73 crore.

DUPL is involved in the real estate industry and has developed a residential project called 'One Midtown', according to a regulatory filing on Tuesday.

According to sources, the DUPL owned the land on which the 'One Midtown' housing project has been developed. The project is complete now and most of the sales have already happened, they added.

DLF has purchased the equity from GIC for facilitating exit to the Singapore firm from this project, sources said.

Beyond this project, DUPL does not own any other land parcel.

However, DLF and GIC will launch more residential projects in the Moti Nagar area of Delhi through a separate equal joint venture firm.

Besides residential business, DLF and GIC also have a joint venture DLF Cyber City Developers Ltd (DCCDL), which owns a large portfolio of rent-yielding office and retail real estate assets.

In the DCCDL, DLF has around 67 per cent stake while the GIC has the remaining.

DLF is the country's largest real estate developer in terms of market capitalisation.

It has recently announced plans to invest Rs 40,000 crore to complete its ongoing housing projects and expand its portfolio of commercial properties.