DLF joins Hines for 12-acre Gurgaon plot development

Realty major DLF 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.