New Delhi, November 2: Realty major DLF has agreed to sell 49 per cent stake in its upcoming commercial project at Gurugram to US-based Hines for about Rs 900 crore and the deal is expected to be concluded by December, according to sources.

DLF has already signed a term sheet with Hines to develop a prime commercial project on 11.76 acre land parcel in Gurugram that it bought for nearly Rs 1,500 crore through e-auction conducted by the Haryana government in February.

The company on Thursday said it has signed a non-binding term sheet with a fund managed by Hines for a 51:49 partnership to develop a high-end commercial project on NH8 at Gurugram. Sebi Fines DLF Rs 10 Lakh for Wrong Disclosure on Fund Utilisation.

The transaction documents are being negotiated and are expected to be closed within third quarter of this fiscal, it added. "This project entails development of more than 2.5 million sq ft of commercial space," DLF said.

According to sources, Hines, which is a privately owned global real estate investment, development and management firm, will invest around Rs 900 crore for 49 per cent stake in the project.

A spokesperson for DLF declined to comment. This will be the second project that DLF would develop in joint venture with Hines. "DLF has had a successful joint venture with Hines earlier for its existing commercial development 'One Horizon Centre' in DLF-5 in Gurugram. One Horizon Centre is a marquee office building with Leed Platinum Rating," the company said in a presentation.

In December last year, DLF had formed a joint venture with Singapore's sovereign wealth fund GIC. The JV was formed when DLF promoters sold entire 40 per cent stake in DLF's rental arm DLF Cyber City Developers Ltd (DCCDL) for nearly Rs 12,000 crore.

This deal included sale of 33.34 per cent stake in DCCDL to GIC for about Rs 9,000 crore and buyback of remaining shares worth about Rs 30 billion by DCCDL.

DCCDL currently holds about 27 million sq ft of rent-yielding commercial assets, largely in Gurugram, with annual rental income of about Rs 2400 crore. DLF had also sold about 50 per cent stake in its two housing projects in the national capital for about Rs 2,000 crore.

On Thursday, DLF reported an over 26-fold jump in consolidated net profit at Rs 374 crore for the September quarter. Total income rose to Rs 2,304 crore in the July-September quarter of this fiscal from Rs 1,751 crore in the corresponding period of the previous year.