DLF set to land Gurgaon tract for Rs 1,703 crore
The Economic Times, August 19, 2009, Page 1
Co Sole Bidder As Unitech, Bharti Realty Disqualified
Our Bureaus NEW DELHI CHANDIGARH
DLF is set to bag a 350.71-acre land parcel in Gurgaon for Rs 1,703 crore after it emerged the sole bidder for the land put up for auction by the Haryana government.
India’s largest real
estate developer offered to pay Rs 12,000 per sq ft, a tad higher than the reserve price of Rs 11,978 per sq ft, for the land, said a member of the government panel that oversaw the tender process. An announcement is likely to be made in the next few days, he said, requesting anonymity.
The deal is the biggest since last March when Delhi-based developer BPTP outbid DLF for a tract of land in Noida near Delhi with a Rs 5,000-crore offer. But the deal was called off after BPTP failed to arrange funds to complete the deal.
The country’s second-largest real estate player Unitech and Bharti Realty, the real estate arm of the Bharti group, too had bid for the piece of land located on the Gurgaon-Faridabad road, but were disqualified on technical grounds. The project will offer 5-7 million sq ft for development, said a leading property consultant, who asked not to be named.
The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) had invited bids for the land in January. The land will house a golf course and sports, commercial and residential projects. DLF, which was the sole bidder then, had sought an easier payment plan. HSIIDC reinvited bids in July, giving bidders the facility of a staggered payment plan over seven years and an additional 20% FAR (floor area ratio or the developable floor space over a piece of land).
The winner is expected to pay 10% within 30 days of the bid’s acceptance and another Rs 100 crore in two installments in two years.
The Economic Times, August 19, 2009, Page 1
Co Sole Bidder As Unitech, Bharti Realty Disqualified
Our Bureaus NEW DELHI CHANDIGARH
DLF is set to bag a 350.71-acre land parcel in Gurgaon for Rs 1,703 crore after it emerged the sole bidder for the land put up for auction by the Haryana government.
India’s largest real
estate developer offered to pay Rs 12,000 per sq ft, a tad higher than the reserve price of Rs 11,978 per sq ft, for the land, said a member of the government panel that oversaw the tender process. An announcement is likely to be made in the next few days, he said, requesting anonymity.The deal is the biggest since last March when Delhi-based developer BPTP outbid DLF for a tract of land in Noida near Delhi with a Rs 5,000-crore offer. But the deal was called off after BPTP failed to arrange funds to complete the deal.
The country’s second-largest real estate player Unitech and Bharti Realty, the real estate arm of the Bharti group, too had bid for the piece of land located on the Gurgaon-Faridabad road, but were disqualified on technical grounds. The project will offer 5-7 million sq ft for development, said a leading property consultant, who asked not to be named.
The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) had invited bids for the land in January. The land will house a golf course and sports, commercial and residential projects. DLF, which was the sole bidder then, had sought an easier payment plan. HSIIDC reinvited bids in July, giving bidders the facility of a staggered payment plan over seven years and an additional 20% FAR (floor area ratio or the developable floor space over a piece of land).
The winner is expected to pay 10% within 30 days of the bid’s acceptance and another Rs 100 crore in two installments in two years.
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