DLF-GIC plans 7-mn sq ft towers in Delhi

In a major boost to residential housing in the national capital, Singapore sovereign wealth fund GIC and DLF are all set to build a high-rise residential project with saleable area of 7 million sqft in Moti Nagar area of central Delhi. The land parcel on which the high-rise residential tower is to be built was bought by DLF in the form of two separate spaces from DCM Shriram Consolidated and Lohia Group way back in 2007 at an investment of Rs.1,582 crore. On the 38-acre property, known as Swatantra Bharat Mills and DCM Silk Mills, DLF has already developed three phases of its residential project Capital Greens and also a commercial tower on part of this land. The project will be DLF‘s first residential project under the newly initiated business model of selling ready-to-move-in residential units. DLF and GIC had earlier agreed to set up two joint ventures for developing residential and commercial projects on these plots whereby GIC was expected to invest Rs.1,990 crore between these two ventures. The property developers are currently securing mandatory approvals and after their completion they will sell the entire project in a phased manner.