DLF scouts partners for 12-acre realty project

Real estate building major DLF is currently scouting partners to undertake joint development of its nearly 12-acre Gurugram land parcel that it had acquired for ₹1,500 crore, said sources, claiming that the company recently emerged as the highest bidder for this land parcel put on the block by HSIIDC in a closely contested auction, said group CFO of DLF, Saurabh Chawla, confirming that the builder is negotiating with an investor for the mega project. The company and its joint venture partner are expected to share the construction cost in addition to land and registration charges. The transaction with one of the private equity players is expected to be concluded for the project entailing a total development potential of 2.5 million sq.ft and the construction cost is estimated to be around ₹5,000 per sq.ft, he added.