In October 2018, the DLF group signed a pact Hines firm to construct a prime commercial project in Gurugram on a land parcel of 11.76 acre. The group bought the land for approximately Rs. 1,500 crore via e-auction that was carried out by the Haryana State Government in February 2018. This land parcel is situated across the highway to the present business district of DLF Cybercity.
The subsidiary of DLF Home Developers Ltd (DHDL) went into a joint venture with the Hines group firm Green Horizon Trustee for the development of a high-end commercial project in Gurugram, the statement released by the company said.
In the statement, it is also said that DHDL will hold 67 percent stake in the joint venture and the remaining 33 percent will be held by Hines.
The Hines group made an investment of nearly Rs. 500 crore in the first tranche.
As per the sources, the DLF group cracked the deal at a premium of approximately 25 percent from the land that values Rs. 1,500 crore and is what paid to the Haryana government.
Sriram Khattar, managing director (rental business), DLF, said that the company is excited about the joint venture with Hines as this is the second time we came together. We should work collectively to develop world-class structures and establishments that will set new standards for commercial buildings in this part of the world.
Initially, the Hines group have 33 percent equity share in the joint venture but is likely to increase it upto 49 percent.
As per the released statement, the total investment by the joint-venture partners in this project is nearly Rs. 1,900 crore.
Amit Diwan, Hines MD and Country Head said that this is an excellent location that benefits from great connectivity by road and by metro. It is also in close proximity to social infrastructure like Cyber Hub, The Oberoi and Trident hotels.
Both the DLF group and its JV firm DCCDL have together over 30 million sq. ft. of commercial assets, largely in Gurugram, with an annual rental income of over Rs 3,000 crore.