DLF BAGS 1.7KCR GURGAON MEGA LAND DEAL

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INDIA’S largest real estate developer DLF has won the bid to acquire 350-acre land parcel in Gurgaon for Rs 1,703 crore in the first major land deal in one and a half years. The Haryana government has issued a letter of acceptance of bid to DLF marking the closure of the land deal, a senior official said.

   “The possession of land will be given as and when DLF submits 10% of the total amount (Rs 170 crore), over and above the earnest deposit of Rs 25 crore,” Haryana State Industrial and Infrastructure development Corporation (HSIIDC) MD Rajesh Arora said. The company has 30 days to deposit 10% of the bid amount, following which the government will issue a formal letter of allotment. The company will have to pay another Rs 100 crore in two instalments in the next two years and rest of the money in equal instalments from third through seventh year.

   DLF will be expected to develop a golf course as well as residential and commercial properties on the given land. HSIIDC had invited bids in January for the Gurgaon land, but refloated tender in July after DLF, the sole bidder in the first round, sought easier payment terms. The financial bids for the land were opened, where DLF had emerged the sole qualified bidder. Other two contenders—country’s second largest developer Unitech and Bharti group’s Bharti Realty—were disqualified on technical ground. DLF’s bid was only marginally better than the reserve price of Rs 1,700 crore.

   The Gurgaon land deal is the fourth-largest land deal in India in terms of value after Delhibased BPTP’s failed purchase of Rs 5000-crore Noida land in March 2008, Unitech’s Rs 3,300-crore buy in Vishakhapatnam in 2007 and Adani’s Rs 2,250-crore deal in Mumbai in 2006.

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