A subsidiary of DLF Home Developers Ltd, which is a unit of India’s largest real estate firm DLF Ltd, placed a winning bid of Rs14.96 billion for an 11.76-acre land parcel in Udyog Vihar, Gurugram, in an auction conducted by the Haryana State Industrial and Infrastructure Development Corp. Ltd (HSIIDC).
The reserve price of the site was set at Rs6.86 billion. Four companies had participated in the bidding. DLF’s was the highest bid ever for any site in Haryana, said Raja Sekhar Vundru, Managing Director of HSIIDC.
The success of the auction assumes significance in light of the general perception of a sluggish real estate market and vindicated the tag of Gurugram being the most preferred investment destination in India, Vundru said in a statement.
The land is earmarked for a mixed-use development project and is eligible for higher floor area ratio as per the transit-oriented development policy, upon payment of necessary charges.
The total saleable area, including additional area based on transit-oriented development (TOD) policy, is around 2 million sq. ft.