DLF Bags Largest Land Deal In India

Published: August 23, 2009 at 11:43 AM | Author: Administrator
News Source: August 21, India Realty News

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DLF has bagged the country’s largest land deal so far for Rs 1,750 crore, barely two days after it emerged as the sole bidder for the 350.7 acres of prime real estate in Gurgaon. This is also seen as a sign of revival of real estate in the country. The land was originally tendered in January 2009, but not much interest was shown by the developers so the authority decided to shelve the process. It was put for re-bid later this year and received three bids.

Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) MD, Rajeev Arora said that they have sent the letter of acceptance to the developer. The industrial authority had disqualified two other bidders - Unitech and Bharti Realty - on technical grounds, though their financial bids were better than that of DLF. Officials said that DLF had bid Rs 12,000 per sq metre against the reserve price of Rs 11,978 per sq metre. The land is located at Wazirabad village on Gurgaon-Faridabad road and involves acquisition of agricultural land and getting clearance for commercial, residential and leisure purposes, including an 18-hole golf course.

As per the terms and conditions, the developer has to deposit 10% of the bid amount within 30 days of issue of letter conveying acceptance of bid over and above the earnest money deposit. The regular Letter of Allotment containing detailed terms and conditions of allotment will be issued on receipt of 10% of bid amount.