DLF today said that it is targeting to raise around Rs 3,000 crore from sales of its 17.5 acre prime land in Mumbai and the deal is expected to close this quarter.

DLF bought this land in 2005 from the National Textile Mills for about Rs 700 crore. It now wants to sell the land as part of its strategy to divest non-core assets to reduce its whopping debt of Rs 22,725 crore.

“From the Mumbai deal, we are aiming to raise around Rs 3,000 crore. The deal will be finalised within this quarter,” the DLF Group Executive Director, Mr Rajeev Talwar, said on the sidelines of an Assocham conference on land bank.

When asked whether the company is in talks with the Mumbai-based Lodha Developers, he said, “We are discussing it with not only one, but many players.”

Earlier this week, sources had said that talks with the Lodhas are in advanced stages for a valuation of about Rs 2,700 crore and the deal could be closed shortly.

DLF is insisting on full payment at one go and does not want staggered payments, the sources said.

In the last couple of years, DLF has raised Rs 4,844 crore from sale of non-core assets, which included hotel plots and IT Park/SEZs.

DLF has put its luxury hospitality chain Aman resorts, wind energy and a huge land holding in Mumbai on the block as part of its plans to exit from the non-core ventures and focus only on the property business. It expects to raise about Rs 2,000 crore from Aman resorts and Rs 1,000 crore from wind energy.

Recently, DLF said that the company plans to cut its debt to about Rs 17,000 crore in this fiscal while asserting that it was not unduly “perturbed” by the massive debt.

“We have annual rental income of Rs 1,800 crore from a leasing portfolio of 28 million square feet of office and retail space across the country,” Mr Talwar said.

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