Realty major DLF has joined hands with global real estate investment, development, and management firm Hines. Under the pact, the companies will jointly develop a high-end commercial project on a nearly 12-acre land parcel in Gurgaon’s Udyog Vihar.
In the partnership, DLF subsidiary DLF Home Developers will hold a 51 percent stake in this partnership, while the rest will be held by the fund managed by Hines, the developer said in a regulatory filing. The financial details of the alliance are not yet disclosed.
It is noteworthy here that the plot for which the real estate company has formed the alliance was in news earlier this year. The realty giant had acquired the said plot for nearly Rs 1,500 crore after emerging as the highest bidder for the same.
This was an unprecedented price paid ever for a land parcel in the NCR real estate market. The deal that was concluded through an e-auction at a base price of over Rs 127 crore per acre- something that had surpassed all earlier benchmarks, ET Realty reported.
The land parcel was put for auction by Haryana State Industrial and Infrastructure Development Corporation (HSIIDC). The plot is located close to DLF Cybercity and has total development potential of 2.5 million sq ft.
Buzz was in the air for some time that DLF is in advanced stages of dialogue with an investor for the development of the recently acquired plot.