In a significant shift in strategy, DLF plans to sell developed properties, including five IT parks and its hotel business, hoping to mop up 7,000 crore in the next two years and reduce its burgeoning gross debt of 23,990 crore as per a report in ET.

Over the last one-and-a-half years, the real estate major had already sold some non-core assets such as hotel sites in Delhi and Hyderabad as well as non-contiguous land parcels to rake in around 3,000 crore.

In DLF's luxury hotel chain, Aman Hotel & Resorts, Mr. Tyagi  - Group CFO said the plan was to divest a majority stake. But the prestigious Aman Delhi (formerly Lodhi Hotel) would not be covered by the stake sale. Investment bankers are expected to get this mandate over the next couple of months.