DLF rolls out ₹12-bn building plan in Delhi

DLF and Singapore's sovereign wealth fund GIC have jointly decided to construct a housing project

Country's largest realty player, DLF and Singapore's sovereign wealth fund GIC have jointly decided to invest ₹12.5 billion over the next four years to construct a housing project in the national capital. DLF had entered into a joint venture with GIC for the twin projects, which will be called 'Midtown', having total development potential of about 7 million sq.ft., in Moti Nagar area in the national capital. The JV has started construction of the first phase of this project that involves 2.5 million sq.ft of built-up area of the capital. As per the new business model adopted by the company, DLF will open sale of flats in this project after it gets occupancy certificate from the government authorities. The company expects to sell apartments in this project for over ₹20,000 per sq.ft. in a project that is a part of the DLF's overall development of 38 acre land parcel at Moti Nagar. The builder bought the plot in 2007 from DCM Shriram and Lohia Group for ₹16.75 bn. The company, on its own, has developed and sold about 2,850 flats in three phases of 'Capital Greens' project where about 1,500 units for economically weaker section and a commercial building have also been developed on this site.