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DLF-Hines JV to develop INR 1,900 crore Gurugram commercial project

Infra News - Published on Fri, 22 Mar 2019

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DLF Ltd has formed a second joint venture with global investment and development firm Hines to develop a commercial project in Udyog Vihar, Gurugram, at an investment of INR 1,900 crore. The project will be developed on 11.76 acres of land owned by the JV.

DLF had in February 2018 emerged as the highest bidder for the land parcel that was auctioned by Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) for a record of INR 1,496 crore.

DLF Home Developers Ltd and Green Horizon Trustee (an affiliate of Hines) have entered into the joint venture, in which the former will hold 67% stake while the remaining 33% will be held by Hines.

Hines will initially own 33% equity share of the JV with an option to increase its stake to up to 49%. Hines has invested around INR 500 crore in the first tranche.

The project is located close to DLF CyberCity and construction will begin in 2019-2020.

Mr Sriram Khattar, managing director (rental business) at DLF, in a statement, said that “With our joint experience, we shall work together to develop world class buildings which will set new standards for commercial buildings in this part of the world."

DLF’s executive director Surojit Basak, said that “A significant feature of the relationship has been the implementation of international best practices in the industry in Indian conditions which has been accepted by both partners."

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Posted By : Rabi Wangkhem on Fri, 22 Mar 2019
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