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DLF makes the most expensive land buy
Friday,17th August 2007
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DLF Ltd has paid Rs 1,675 crore for 38 acres of
land in west Delhi from DCM Shriram Consolidated Ltd (DSCL) and the Lohia Group.
This is the most expensive land deal in the country, surpassing the Rs 1,582
crore rival Unitech paid for 300 acres in Noida in 2006.
The property, better known as Swatantra Bharat Mills and DCM Silk Mills, was owned by SBM Land Redevelopment Project. DCM Shriram Consolidated and the Lohias had a 50:50 right to the land. DCSL said it received its share of Rs 837.50 crore on signing the agreement with DLF today. The Lohias did not offer any official comment, but a source in the family said that S P Lohia (of Indonesia-based PT Indo Rama) was the owner of the land. DLF, the country’s largest real estate developer, is looking to realise around Rs 12,000 crore from development at the site. DLF earlier acquired 27 acres in the vicinity of this newly-acquired land. Two acres were bought from Pure Drinks. The company plans to develop 3 million sq ft of office space in its infotech special economic zone, 2 million sq ft of retail and approximately 5 million sq ft of high-end residential units, which totals to about 10 million sq ft of saleable and leasable area. According to internal estimates, this latest acquisition coupled with the contiguous plots acquired earlier, will add Rs 4,000 crore to DLF’s net asset value (NAV). It will also increase the NAV of the existing IT SEZ project by Rs 1,000 crore. This new development will be surrounded by a 121-acre greenbelt, which DLF is hoping will increase its asset value. It also has an excellent catchment from certain such prominent residential localities as Punjabi Bagh and Rajouri Garden. |
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