DLF to invest over ₹ 1,400 crore in Gurugram project
DLF has received environmental clearance to expand the Gurugram commercial property by nearly 1 million square feet
New Delhi: Realty major DLF Ltd will invest over ₹ 1,400 crore to develop a commercial project in Gurugram after the firm received environmental clearance to expand the office space by nearly 1 million square feet. The Haryana government has increased the floor area ratio (FAR) in its new transit-oriented development policy and DLF had applied for development of increased built-up area in its ongoing Cyber Park project spread over nearly 12 acres.
The environment ministry approved DLF’s proposed expansion after taking into account the recommendations of an expert appraisal committee. The approval is subject to compliance with certain conditions.
DLF will now invest ₹ 1,439.11 crore to develop the Cyber Park project, as against an earlier estimate of ₹ 412.67 crore. According to people familiar with the matter, the company will now end up with leasable area of around 2.5 million square feet, as against 1.7 million square feet.
Construction of this project, which is located close to Cyber City, is in advanced stages and the company has pre-leased about 60% of the area.
DLF, the country’s largest realty firm, has a commercial real estate portfolio of over 30 million square feet. To monetise its rent-yielding commercial assets, the company’s promoters recently sold a 33.34% take in rental subsidiary DLF Cyber City for about ₹ 9,000 crore.
The company has also bought another 12 acres of land in Gurugram for ₹ 1,500 crore to develop a commercial project.
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