Realty major DLF will now invest over Rs 1,400 crore to develop a commercial project in Gurugram after the firm received green nod to expand the office space by nearly 1 million square feet area.
After the Haryana government increased the floor area ration (FAR) under its new TOD (Transit Oriented Development) policy, the DLF applied for development of increased build up area in its ongoing Cyber Park project spread over nearly 12 acres.
The environment ministry has given the green nod for the DLF’s proposed expansion project in Gurugram after taking into account the recommendations of the Expert Appraisal Committee, as per the official document.
The approval is subject to the compliance with certain conditions, it added. As per the proposal, the DLF will now invest Rs 1,439.11 crore to develop the Cyber Park project, as against the earlier estimate of Rs 412.67 crore.
According to the sources, the company will now get a leasable area of around 2.5 million square feet as against earlier 1.7 million square feet.
The construction of this project, which is located close to Cyber City that commands high rental, is in advanced stage and the company has already pre-leased about 60 per cent of the area, they added. In the proposal, the DLF has informed that the number of parking will increase to 4,425 from 3,542 cars and would generate employment to 35,532 persons.
DLF, the country’s largest realty firm, is a leading developer of commercial real estate with portfolio of over 30 million square feet. To monetise its rent-yielding commercial assets, the DLF promoters have recently sold 33.34 per cent stake in its rental arm DCCDL for about Rs 9,000 crore. The realty major holds the remaining 66.6 per cent.
Recently, the company has bought 12 acres of land in Gurugram for Rs 1,500 crore to develop another commercial project.