DLF to buy 12 acres in Gurugram for Rs 1500 crore

In a big-ticket land deal, realty player DLF on Tuesday announced that it has won 11.76 acre land parcel in Gurugram through e-auction for nearly Rs 1,500 crore. DLF's subsidiary Aadarshini Real Estate Developers has emerged as the highest and successful bidder at Rs 1,496 crore for the e-auction conducted by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC), the company said in a filing in BSE. This was the first auction of prime commercial site in Gurugram conducted by the HSIIDC that fetched it Rs 1,496 crore, making it the single ever highest bid for any site in the state. The reserve price of the site had been fixed at Rs 686 crore and the land parcel was auctioned in January this year. The bids were opened on February 26, where Aadarshini was declared as the highest bidder, the company said. The second largest bidder was Beech Projects, which had quoted Rs 1,446 crore. The land parcel is earmarked for mixed-use development and is eligible for higher floor area ratio as per the transit oriented development (TOD) policy upon payment of requisite charges, the developer said. The total saleable area including additional area based of TOD policy would be more than 2 million sq ft. As per the bid terms the regular letter of allotment will be issued to the highest bidder up on payment of 10 per cent of the quoted amount, the company said. HSIIDC managing director Raja Sekhar Vundru in a statement said the success of the auction assumes significance in the light of the generally held perception of a sluggish real estate market. "It also vindicates the status of Gurugram as the most preferred investment destination in India near Delhi," he said. Vundru further said that considering the response of this auction, HSIIDC now plans to aggressively take up disposal of other such sites and projects.