India’s Lodha Group is in advanced talks to buy a plot of land in Mumbai from DLF, the country’s largest listed real estate developer, for about $500 million, two sources with direct knowledge of the situation said.
Sale of the 17-acre plot is seen as part of DLF’s plan to sell some of its assets to pare its debt of about $4 billion. DLF bought the land for about 7 billion rupees ($129 million) in 2005.
Mumbai-based developer Lodha has emerged as the front-runner for the land parcel in central Mumbai said the sources, declining to be named as the matter is not public yet.
DLF declined to comment, while a spokesman for Lodha said the company was not in talks with DLF.