DLF’s wholly owned subsidiary — DLF Home Developers — has entered into a non-binding Term-sheet with a fund managed by Hines (a privately owned global real estate investment, development and management firm) for forming a 51:49 partnership to develop a high-end commercial project on a land parcel of 11.76 acres situated in Gurugram. The transaction documents are under negotiation and subject to all other approvals as may be applicable.
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.