The land is ear­marked for mixed use de­vel­op­ment and is el­i­gi­ble for higher FAR

Hindustan Times (Gurgaon) - - Front Page - ››P5

Real es­tate gi­ant DLF bagged an 11.76-acre plot of prime land in an e-auc­tion for a whop­ping ~1,496 crore from the Haryana State In­dus­trial In­fra­struc­ture De­vel­op­ment Cor­po­ra­tion (HSIIDC).

GUR­GAON: In­dia’s largest listed real es­tate firm DLF Lim­ited bid ₹1496 crore , and agreed to pay an ad­di­tional ₹143 crore as statu­tory charges (and an­other ₹104 crore as stamp duty) to win, in an auc­tion, 11.76 acres of prime land in Gur­gaon in one of the most valuable land deals in the Delhi satel­lite.

An­a­lysts say it is too early to see this as a re­vival of the real es­tate mar­ket in the Na­tional Cap­i­tal Re­gion and that the price DLF has agreed to pay may be be­cause of the lo­ca­tion of the land -- in close prox­im­ity to Delhi and next to DLF’s sprawl­ing Cy­ber City and Cy­ber Park de­vel­op­ments.

The land was be­ing auc­tioned by the Haryana State In­dus­trial In­fra­struc­ture De­vel­op­ment Cor­po­ra­tion and had a re­serve price of Rs. 686 crore. DLF’s sub­sidiary, Aadarshini Rear Es­tate De­vel­op­ers Pri­vate Lim­ited, emerged as the high­est bid­der for the plot. There were three other bid­ders in the fray.

The land par­cel is ear­marked for mixed use de­vel­op­ment and is el­i­gi­ble for higher floor area ra­tio (FAR) ; the to­tal saleable area in­clud­ing ad­di­tional area based on TOD pol­icy will be around 2 mil­lion square feet.

“This project is a strate­gic fit in the over­all mas­ter plan of Down­town Gu­ru­gram as its lo­ca­tion is next to the ex­ist­ing build­ings of Cy­berCity, Cy­ber Park and fu­ture de­vel­op­ment of Mall of In­dia. 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 in DLF 5 Gu­ru­gram,” DLF said in a state­ment.

It is also close to the Tri­dent (HUDA) auc­tioned a 10 acre plot for Rs 884 crore (multi­na­tional life­style and fur­ni­ture gi­ant IKEA won that auc­tion).

“This is the high­est-ever bid for any site for any pub­lic agency in the state till date,” said Ra­jasekhar Vun­dru, man­ag­ing di­rec­tor, HSIIDC. It also re­in­forces the sta­tus of Gur­gaon as the most pre­ferred in­vest­ment des­ti­na­tion in In­dia near Delhi, he added.

De­spite the steep bid, DLF should make money from the deal, said an ex­pert.

“This pur­chase in­creases cov­er­age for DLF in the Cy­bercity com­mer­cial dis­trict. While the rate seems to be on the higher side, out­bid­ding stiff com­pe­ti­tion from other play­ers, DLF will be able to de­rive the max­i­mum value due to syn­ergy with its ex­ist­ing as­sets in the nearby lo­ca­tions,” said Vivek Dahiya, Man­ag­ing Di­rec­tor North, Cush­man & Wake­field In­dia.

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