DLF Completes ₹710 Crore Sale of Kolkata IT/ITeS SEZ and 17.75-Acre Land Parcel to Srijan Group
Transaction Complete: DLF Exits Kolkata IT/ITeS SEZ Asset
DLF Limited has completed transactions worth ₹710.23 crore on March 30, 2026, involving the transfer of its IT/ITeS SEZ asset 'DLF TechPark II' and the sale of a 17.75-acre land parcel in Kolkata to entities of the Srijan Group. The deal marks the conclusion of a structured asset monetization programme announced in February 2026.
The Asset: DLF TechPark II
DLF confirmed that it has completed the transfer of its IT/ITeS Special Economic Zone undertaking, including the built property 'DLF TechPark II', to Makalu Builders LLP, an entity within the Srijan Group, following fulfillment of all conditions and regulatory approvals. The property spans approximately 25 acres in Newtown with a total built-up area of roughly 485,358 sq. ft. and encompasses four interconnected blocks.
The SEZ business generated ₹66.88 crore in turnover during FY 2024-25, comprising gross rental income of ₹41.74 crore and maintenance and other income of ₹25.14 crore.
Land Component and Denotification
DLF also sold approximately 17.75 acres of vacant land located in Kolkata, with the land parcel acquired by Gangapurna Projects LLP, another entity affiliated with the Srijan Group. The transaction was structured as DLF TechPark II with SEZ undertaking for ₹4.1 billion and 17.75 acres of vacant land for ₹2.60 billion.
In January 2026, the 18-acre vacant land was denotified by HIDCO and is no longer bound by SEZ terms and conditions, freeing Srijan to develop offices, retail or a mixed-use project, subject to conversion.
Strategic Rationale and Market Context
DLF has finalized a previously announced deal, monetizing key commercial and land assets as part of its ongoing portfolio rationalisation and capital recycling strategy. This move allows the real estate giant to concentrate capital and management bandwidth on its core annuity business, DLF Cyber City Developers Limited (DCCDL).
The divestment signals DLF's strategic focus on its core commercial rental portfolio. DCCDL's Q3FY26 performance, marked by an 18% year-on-year revenue increase to ₹1,878 crore and robust occupancy rates of 94% across its rental portfolio, underscores the strength of DLF's recurring income streams.
Buyer Profile and Future Development
The buyers include Makalu Builders LLP, Srijan Realty Private Limited, and Gangapurna Projects LLP, all subsidiaries of Srijan Realty Private Limited, which do not belong to DLF's promoter, promoter group, or group companies and are engaged in the real estate business. Srijan Realty is one of the leading real estate companies of eastern India with presence in Kolkata, Asansol and Burdwan in Eastern India and Chennai in the South.
Srijan has announced plans to undertake a 20 lakh sq ft development on the vacant land parcel over the next five years.
New Town's Commercial Momentum
New Town has emerged as the second IT hub of Kolkata after Salt Lake, with a growing number of tech parks making it a preferred destination for IT and ITeS in East India. Newtown-Rajarhat has exhibited extraordinary growth, with gross leasing increasing 3.5-fold from 0.3 million sqft in 2022 to 1.03 million sqft in 2024, with H1 2025 already achieving 0.43 million sqft absorption.
The IT and ITeS sector drives 47% of this demand, followed by BFSI at 31%. The transaction reflects investor confidence in the region's growth trajectory and infrastructure development, positioning the denotified land for high-value commercial or mixed-use development aligned with broader New Town expansion.