DLF Sells Its Stake In Akruti City Joint Venture

Published: July 17, 2009 at 9:13 AM | Author: Administrator
News Source: Google

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Realty major, DLF has sold its stake in a 50:50 joint venture with Mumbai-based Akruti City to a US-based real estate fund for over Rs 200 crore, two senior executives at DLF said. The JV firm is developing two office buildings spread over nine million sq ft at Andheri, Mumbai. These two buildings are part of a larger slum rehabilitation project being developed by Akruti City. DLF had picked up stake in the project two years ago with a plan to spread its footprint across the country. DLF exited the project as part of its asset sale programme to raise Rs 5,500 crore by the end of this fiscal.