<div>Lodha Developers said it has agreed to buy DLF's 17-acre plot of land in Mumbai for Rs 2,700 crore.</div><div> </div><div>The Mumbai-based developer is planning to build about 5 million square feet of homes and offices on the site in central Mumbai for which it has secured planning approval, it said on 13 August.</div><div> </div><div>DLF, India's biggest property developer, bought the plot for about Rs 700 crore in 2005 from state-run National Textile Corporation. It plans to use part of the sale proceeds to pare its debt of about Rs 22,700 crore.</div><div> </div><div>Shares in DLF, valued by the market at about $6.5 billion, ended up 3.5 per cent at Rs 217.70 in a stable Mumbai market ahead of the news.</div><div><br /> </div><div>(Reuters)</div><div><br /><br /> </div>
