DLF looking for partner to build new commercial project on Rs 1,600 crore land in Gurugram

Realty major DLF is in talks with private equity players to raise funds for the development of a commercial property on 11.76 acre land in Gurugram that it recently bought for about Rs 1,600 crore, a senior company official said on Saturday. India's largest realty firm could dilute up to 50 per cent stake in this 2.5 million sq ft commercial project, DLF's CFO Saurabh Chawla said. In February this year, DLF had bought this land for Rs 1,496 crore in an e-auction conducted by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). After including the stamp duty, the total cost to purchase this land came to about Rs 1,600 crore. "We bought this land in Gurugram as it was close to DLF Cyber City and was strategic for the company. Now, we are looking for a partner for development of this project," Chawla told PTI.