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Realty major DLF expects Rs 550 crores by selling the hotel unit to Square Four Housing

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As per the sources available with www.propertykhazana.com, DLF Ltd. was ready to sell its sister concern to Kolkata based Square Four Housing & Infrastructure Pvt. Ltd. for Rs. 550 Crores and in last 3 months its 3rd status non-core was peeled for Rs. 22,500 Crores debt. Delhi-based Realty Company had purchased 26% stake of Hilton International in DLF Hotels & Hospitality for Rs. 120 Crores and right now it is the proprietor of Hotels unit which possess property parcels in 4 cities such as Mysore, Thiruvananthapuram, Chennai and Kolkata. This property do not include Aman Resorts, DLF is striving to sell out one more non-core property for a protract time and according to the sources claimed at the www.propertykhazana.com DLF has signed non-disclosure contract with Square Four and is anticipating to close the contract by January 2012.
Source revealed at the www.propertykhazana.com said that, in the current period the DLF Hotels auction is said to be the 3rd biggest deal in the Indian Realty and also sold its IT Park in Noida to IDFC for Rs. 512 Crores and DLF has striped its 28 acres of property parcel in Gurgaon for Rs. 400 Crores. Square four will grow up Kolkata and Chennai property parcel to hotel, commercial and housing ventures as the other properties in Thiruvananthapuram and Mysore will be urbanized as lavish hotels. DLF was trying to sell its IT SEZ in Pune which was possessing in jointly with Akruti City and Aman Resorts which had excellent hospitality chain and bought $400 Million in 2007.
Source: NIMMA BENGALURU

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