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Last Updated : | Source: Moneycontrol.com

DLF enters into non-binding term sheet with Hines to develop 12-acre plot in Gurugram

In February, DLF had bought the land for nearly Rs 1,500 crore in an e-auction conducted by HSIIDC

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Representative image

DLF’s wholly owned subsidiary DLF Home Developers Limited has entered into a non-binding term sheet with Hines to develop an 11.76-acre plot in Gurugram, sources said.

In February, DLF had bought the land for nearly Rs 1,500 crore in an e-auction conducted by HSIIDC.

The subsidiary will hold a majority stake of 51 percent and the rest will be owned by Hines, the developer said in a regulatory filing.

The plot is located in Udyog Vihar which is in the vicinity of Cybercity and has a development potential of 2.5 million sq ft. The development will be on the lines of Horizon Centre – comprising of a mixture of retail and commercial, sources said.

The company has not disclosed any financial details of the alliance with Hines.

In February this year, DLF bought 11.76 acre land in Gurugram for nearly Rs 1,500 crore in an e-auction conducted by the Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). DLF had emerged the highest bidder of the land at the auction.

Last year, DLF formed a joint venture with GIC after its promoters sold the stake in the rental arm DCCDL to Singapore's investment firm for Rs 9,000 crore.

DLF has a 66.66 percent stake in the JV, while GIC has the rest in DCCDL, which owns the bulk of the commercial assets of the realty group.

This will be the second project that DLF would develop in a joint venture with Hines.

 

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First Published on Nov 2, 2018 08:26 pm
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