An indirect subsidiary of Indian developer DLF Ltd. won the auction for an 11.76-acre mixed-use development site in the Gurgaon, India, after it offered to pay 14.96 billion Indian rupees, two local publications reported.
Haryana State Industrial and Infrastructure Development Corp. or HSIIDC, administered the bidding for the property, which was taken to the market with a 6.86 billion-rupee price tag. India's Mint, citing Raja Sekhar Vundru, managing director of HSIIDC, reported that the bid placed by the DLF Home Developers Ltd. subsidiary was the highest ever for any site in the Indian state of Haryana.
DLF was cited in Mint's Feb. 28 report as saying that it will develop the site into a grade A commercial complex similar to the Horizon Centre standing at its DLF Phase 5 project in Gurgaon. Upon its completion, the ownership of the property will be transferred to a joint venture between DLF Cyber City Developers Ltd. and Singaporean wealth fund GIC Pte. Ltd.
To secure the site, Aadarshini Real Estate Developers defeated Bharti Realty Ltd., Indiabulls Real Estate Ltd., Experion Developers Pvt. Ltd., Emaar Group and RMZ Corp., The Economic Times of India added. The publication noted Feb. 27 that in order to complete the transaction, the winning bidder would have to pay a total consideration of 17.59 billion rupees to cover the registration and Transit Oriented Development rights for the land.
The Gurgaon site could yield a leasable area of roughly 2.3 million square feet. It has a 1.75x base floor index that could be doubled once the benefit of the Transit Oriented Development rights is factored in, The Economic Times added.
As of Feb. 27, US$1 was equivalent to 65.14 Indian rupees.