DLF had plans to build a 90-storey super luxury residential tower project on the land, which it had bought from defunct National Textile Corporation in 2005-06 for Rs 702 crore. The plan was to build around 2,000 flats to be sold at Rs 8-10 crore each.
Initially, DLF's plan was to build a big mall, which was then changed in favour of a commercial-cum-residential complex. Last year, the plan was again changed to build a pure residential complex. The towers would have added 50 lakh sq ft to Mumbai's high-end residential market.
With the sale, DLF would completely exit from Mumbai's real estate market. It exited from a joint project with Akruti City by selling its share to Shiva group almost 2years ago. DLF has been liquidating land parcels to lower debt. DLF had gross debt of about Rs 23,900 crore.
The interest cost varies from 13% to 15% and DLF is trying hard to bring down interest costs by offloading assets.
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