DLF has transferred a three acre land worth Rs 330 crore in Gurugram to its joint venture (JV) with Singapore sovereign wealth fund GIC and is in process to hand over a Noida shopping mall to settle dues. DLF owed Rs 8,700 crore to DLF Cyber City Developers (DCCDL) as on December 31, 2018.
In December 2017, DLF entered into this joint venture with GIC when DLF promoters sold their entire 40 percent stake in DCCDL for nearly Rs 12,000 crore. This deal included sale of 33.34 percent stake in the DCCDL to GIC for about Rs 9,000 crore and buyback of remaining shares worth about Rs 3,000 crore by the DCCDL. DLF holds 66.66 percent while GIC holds 33.34 percent stake in the JV firm DCCDL.
DLF is one of India's biggest property developers. The company’s primary business is development of residential, commercial and retail properties. The company has a unique business model with earnings arising from development and rentals.
