The Indian Express: Without nod to cut trees, BDD Chawls redevelopment project may be delayed.
The Economic Times: DLF inks pact with Hines for 12-acre Gurgaon plot joint development.
MUMBAI: Realty major DLFNSE 1.37 % has entered a pact with global real estate investment, development and management firm Hines to jointly develop a high-end commercial project on a nearly 12-acre land parcel in Gurgaon’s Udyog Vihar.
The company has entered into a non-binding term sheet with a fund managed by Hines through its wholly-owned subsidiary DLF Home Developers. DLF subsidiary will hold 51% stake in this partnership, while rest will be held by the fund managed by Hines, the developer said in a regulatory filing.
The company has not disclosed any financial details of the alliance with Hines. According to property consultants, the plot located close to DLF Cybercity has total development potential of 2.5 million sq ft.
ET was first to report, on August 27 that DLF was in advanced stages of dialogue with an investor for this transaction.
The transaction documents are under negotiation and subject to all other approvals as may be applicable.
DLF had acquired the said plot for nearly Rs 1,500 crore after emerging as the highest bidder for the same. This land parcel put on the block by Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) in a closely contested auction.
This was an unprecedented price paid ever for a land parcel in the NCR property market. The deal that was concluded through an e-auction earlier this year, at a base price of over Rs 127 crore per acre, had surpassed all earlier benchmarks.
Separately, the company reported consolidated net profit of Rs 373.21 crore for the quarter ended September as against Rs 12.57 crore a year ago. Total income for the period rose nearly 32% to Rs 2,304.90 crore.