DLF Secures Rs 1,000 Crore in Landmark Settlement Over Tulsiwadi JV Dispute

DLF Ltd has received Rs 1,000 crore as part of a full and final settlement in its long-running legal battle involving Hubtown Ltd, Chinsha Property Pvt Ltd, and Twenty-Five Downtown Realty. The dispute centered around Joyous Housing Ltd (JHL), a joint venture tasked with redeveloping the Tulsiwadi slum cluster in South Mumbai.

 

Key Settlement Highlights  

- Twenty-Five Downtown Realty will pay the remaining settlement amount over 24 months
  

- DLF, Chinsha, and Hubtown had stakes of 37.5%, 37.5%, and 25% respectively in JHL  

- The JV defaulted on an Rs 800 crore loan from PNB Housing Finance, triggering a complex legal battle  

- DLF had earlier offered Rs 1,450 crore to acquire full control of JHL  

- Arbitration proceedings will be overseen by retired Supreme Court judge Indu Malhotra  

- The resolution clears the path for smoother execution of the Rs 10,000 crore redevelopment project

 

Sources: Times of India, Economic Times, Delhi High Court