DLF Sells Kolkata Tech Park and Land to Srijan Group for INR 670 Crore

New Delhi: India's largest real estate developer DLF Ltd has sold its IT/ITeS Special Economic Zone (SEZ) project in Kolkata and adjoining land parcels to Srijan Group in a combined transaction valued at ₹670 crore, as part of its ongoing asset rationalisation strategy.

The transaction was completed through two separate agreements, as revealed in DLF's regulatory filing on Wednesday. This deal reflects the higher returns driving HNI investors to commercial realty across India.

Key Transaction Details

• Total Deal Value: ₹670 crore
• Buyer: Srijan Group and its affiliate Gangapurna Projects LLP
• Sale Process Initiated: April 2025

Part 1: SEZ Property & Tech Park

• Sale Value: ₹409.86 crore
• Land Area: 8.15 acres (freehold)
• Gross Leasable Area: 10,54,357 sq ft
• Assets Included: Fully constructed IT/ITeS SEZ building and related infrastructure

Part 2: Vacant Land Parcel

• Sale Value: ₹260 crore
• Land Area: 17.75 acres
• Buyer: Gangapurna Projects LLP (part of Srijan Group)
• Subject To: Adjustments based on definitive agreement terms

The sale marks another major exit for DLF from Kolkata's office real estate market. In November 2024, its rental subsidiary DLF Cyber City Developers Ltd (DCCDL) had sold the Kolkata Tech Park 1, spread across 1.49 million sq ft, to Srijan for ₹637 crore. This transaction is part of the broader trend in India's non-metro cities emerging as commercial real estate hotspots.

Strong Financial Performance in Q3FY26

DLF Cyber City Developers also reported robust financials for the quarter ending December 31, 2025, showcasing the strength of Indian real estate giants achieving record sales:

• Revenue: ₹1,878 crore
• Profit: ₹707 crore
• EBITDA: ₹1,464 crore (up 18% YoY)

Leasing Status and Occupancy

• Vacancy Rate (by Area): 5-5.5%
• Vacancy Rate (by Value): 3.5%
• Portfolio Composition: 88-90% of rental assets housed under DCCDL

Sriram Khattar, Vice Chairman and Managing Director of DLF Cyber City Developers, confirmed on an investor call that income generation remained "very robust," and the ongoing strategy of focusing on core markets with higher yields is proving effective. This aligns with the RBI rate cut sparking real estate investment boom across the country.

Strategic Background

DLF Cyber City Developers is a joint venture between DLF Ltd and GIC, Singapore's sovereign wealth fund. The firm manages a substantial share of DLF's commercial leasing portfolio and continues to show strong fundamentals despite a high-growth divestment phase.

The Kolkata deal aligns with DLF's approach to recycle capital from non-core geographies and reinvest in core markets like Gurugram and Chennai, where demand and yields remain higher. This strategy reflects the revival of real estate market dynamics in tier-1 cities.

Impact on Kolkata's Commercial Real Estate Market

The ₹670 crore transaction represents a significant development in digital connectivity transforming India's commercial real estate. Kolkata's IT/ITeS sector has been growing steadily, with several tech parks and SEZ zones attracting investments from both domestic and international players.

The sale to Srijan Group, a Kolkata-based conglomerate, indicates strong local investor confidence in the city's commercial property market. Areas like New Town, Salt Lake City, and Rajarhat have emerged as key IT/ITeS hubs in the region.

Comparison with Other Major Commercial Deals

This transaction follows several other significant commercial real estate deals across India. Recent developments include Tata Digital leasing office space in Mumbai and Vyapar's major flex office deal in Bengaluru.

The transaction value of ₹670 crore is substantial compared to other regional deals and demonstrates the growing appetite for quality commercial assets. Similar to investment fund deployments in Ahmedabad, this deal showcases institutional interest in tier-1 and tier-2 markets.

DLF's Portfolio Strategy and Core Markets

DLF's decision to exit Kolkata and focus on core markets aligns with broader industry trends. The company's primary focus areas include Gurgaon Cyber City, Golf Course Road, and other premium locations in New Delhi NCR.

The company's commercial portfolio continues to benefit from strong demand in the office space segment, particularly in cities with robust IT and corporate presence. The buoyant prospects of India's realty sector have contributed to DLF's strategic repositioning.

SEZ and IT Park Trends in India

Special Economic Zones (SEZ) have played a crucial role in India's IT/ITeS growth story. The sector has seen significant activity across cities like Bangalore, Hyderabad, Pune, and Chennai, with tech sector dynamics influencing property markets.

The consolidation of IT parks under regional players like Srijan Group in Kolkata reflects a maturing market where local developers are taking control of assets previously held by pan-India developers. This trend is expected to continue as regional players demonstrate strong capabilities in managing and optimizing commercial properties.