Country's largest real estate player, DLF has entered into 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 at Udyog Vihar in Gurgaon in the national capital region. In this connection, DLF's subsidiary will hold 51% stake in the partnership, while rest will be held by the fund managed by Hines, the company said in a statement. According to property consultants, the plot located close to DLF Cybercity commanding a total development potential of 2.5 million sq.ft. DLF had acquired the said plot for nearly ₹1,500 crore after emerging as the highest bidder when the land parcel was put on the block by Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) in a closely contested auction held in the recent past.
