DLF arm to buy 11.76 acres of land in Gurugram for nearly Rs1,500 cr

28 Feb 2018

Real estate major DLF today announced a big ticket deal in which it has acquired an 11.76-acre land parcel in Udyog Vihar, Gurugram, for nearly Rs1,500-crore in an e-auction.

DLFs subsidiary Aadarshini Real Estate Developers emerged as the highest bidder with a Rs1,496 crore bid at the e-auction conducted by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC), the company said in a BSE filing.

HSIIDC had set a reserve price of Rs686 crore for the land parcel and the bidding saw participation by four companies. The highest bid was quoted by DLF, which, according to HSIIDC officials, is also the highest-ever for any site in Haryana.

The land is located next to DLF CyberCity and the under-construction Cyber Park.

The land is earmarked for a mixed-use development project and is eligible for higher floor area ratio upon payment of necessary charges, as per the transit-oriented development policy.

The deal could also revive the sluggish real estate market and establish Gurugram as the most preferred realty investment destination in India, say HSIIDFC officials.

The total saleable area, including additional area based on transit-oriented development (TOD) policy, is around 2 million sq ft.

''The development of this land parcel is envisaged in the near future and shall be positioned as a Grade A commercial complex in a similar genre as Horizon Centre, DLF V in Gurugram,'' DLF said.

Though the project is going to be developed by DLF Home Developers, it will eventually be transferred to DLF's rental arm DLF Cyber City Developers Ltd and its joint venture partner GIC Pte Ltd.

Delhi NCR has witnessed many big-ticket land deals during the past decade.

Wave Group had bagged 151 acre in Noida for Rs6,500 crore in 2011 making it the biggest land deal.

DLF was involved in two high-value land transactions in the last 10 years. It had bought a 350-acre plot for Rs1,750 crore in Gurugram in 2009 and acquired 38 acre in the heart of Delhi for Rs1,675 crore in 2007.

Unitech had won 340 acres in Noida through auction for Rs1,582 crore in 2006. BPTP had bagged 95 acres of land in Noida for Rs5,006 crore through an auction in 2008, but the deal fell through as the company was unable to make the full payment.