New Town | April 7, 2026
More than a year after the first handshake, the numbers are now real and the keys have changed hands.
DLF confirmed 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 — after all conditions and regulatory approvals were fulfilled.
The transactions were completed on 30 March 2026, with the combined consideration for both deals coming to approximately ₹710.23 crore.
For Kolkata, this is not just another land deal. It is a signal.
What Was Actually Bought
The acquisition is structured as two separate but connected transactions. DLF divested its IT/ITeS SEZ project along with nearly 18 acres of unoccupied land in Kolkata to the Srijan Group as part of its strategy to monetise commercial assets.
Srijan Group acquired DLF TechPark II on an eight-acre plot and another 18-acre vacant land parcel. The transfer of the vacant land was made to Gangapurna Projects LLP, another Srijan Group entity, while the IT/ITeS SEZ undertaking — including DLF TechPark II itself — went to Makalu Builders LLP.
In plain terms: Srijan now controls roughly 25.9 acres of prime real estate in New Town, split between a functioning tech park and a large blank canvas.
The IT/ITeS SEZ asset has a gross leasable area of about 10.5 lakh square feet, with tenants including Tech Mahindra and Ericsson. The SEZ business contributed about ₹66.9 crore in revenue for DLF in FY25.
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A Deal That’s Been Brewing for Over a Year
This significant deal was initially announced in April last year, making it one of those rare large transactions that actually made it through to completion without unravelling midway.
DLF had previously provided intimations dated April 16, 2025, and February 3, 2026, regarding these agreements before the final regulatory filing confirming completion.
The deals were executed under previously signed agreements, including a Master Framework Agreement, a Business Transfer Agreement, and an Agreement to Sell — indicating a structured and pre-planned divestment process.
The Real Prize: That 18-Acre Vacant Plot
While DLF TechPark II is the headline grabber, industry sources suggest it was the adjacent vacant land that made this deal truly compelling for Srijan.
While Srijan acquired the SEZ for ₹410 crore, it was the vacant land — for which it paid ₹286 crore — that held immense business potential.
In January, 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.
Srijan Group director Karan Agarwal confirmed the scale of what’s planned next. “Over the next five years, we plan to undertake a 20 lakh sq ft development on the vacant land parcel,” Agarwal said.
That is not an incremental play — a 20 lakh sq ft development would reshape a significant chunk of New Town’s commercial landscape.
What DLF Gets Out of This
For DLF, the exit from Kolkata makes strategic sense. The divestment forms part of DLF’s broader strategy to monetise its commercial portfolio and optimise capital allocation, with the company focusing on recycling capital from non-core or mature assets to strengthen its balance sheet and deploy resources towards priority developments.
This is also not DLF’s first Kolkata exit in recent months.
In November 2024, RDB Primarc Techno Park LLP, a consortium of Primarc and RDB Group, acquired DLF TechPark I for ₹637 crore. With TechPark II now gone too, DLF’s footprint in the city has effectively wound down.
Legal Due Diligence: No Small Task
Given the complexity of an SEZ transfer, the legal work behind this deal was substantial. AQUILAW advised Srijan Group on the acquisition, undertaking comprehensive legal and regulatory due diligence of the underlying land and the SEZ undertaking — including verification of title, review of historical land records, and assessment of statutory filings, approvals and compliances under the Special Economic Zones Act, 2005.
The firm also carried out detailed title searches across relevant land registries and public databases to identify potential risks and encumbrances.
JLL India served as the transaction advisor on the deal, though the firm declined to comment publicly.
Why New Town, Why Now
New Town has steadily emerged as Kolkata’s answer to a planned commercial hub — home to Candor TechSpace, the Bengal Silicon Valley cluster, and a growing number of IT/ITeS occupiers. Landing 25.9 acres here, with one asset already income-generating, gives Srijan a rare combination of immediate cash flow and long-term development optionality.
DLF TechPark II has significant development potential, thereby providing Srijan Group income-yielding commercial assets with future expansion opportunities — a point that legal advisors highlighted as central to the deal’s attractiveness.
With 20 lakh sq ft of new development in the pipeline and two of Kolkata’s largest commercial real estate deals closing within months of each other, New Town’s next chapter is being written — and it’s the city’s own players writing it.
Sources: Times of India | Economic Times | Bar and Bench