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Major real estate giant, DLF is set to invest over INR 1,400 crore on a commercial project coming up in Gurgaon. Well, Gurgaon has been among the fastest growing property markets in India. Over the past decade, it has witnessed a balanced development of residential and commercial projects. DLF has received the approval for expanding the office space by an area of around one million square feet. Investors interested in buying commercial space in Gurgaon can visit the leading property buying sites and get the property customized.
This decision comes after a strategic move made by the government of Haryana. It has been decided that the FAR (floor area ratio) is to be increased, under the new policy of (Transit Oriented Development). After the implementation of this policy, DLF had applied for development on the extended build up area in the present project of Cyber Park, that is spread over around 12 acres.
The ministry of environment has approved the proposed expansion of the project, made by DLF in Gurgaon, after considering the recommendations made by the Expert Appraisal Committee, reports reveal. It added that the approval process depends on compliance to some conditions. According to the proposal, the real estate company will now be investing INR 1,439.11 crore for the development of the Cyber Park project. Previously, the estimated amount was around INR 412.67 crore. Homeowners can consult the reputed real estate websites for property investment in India. Sources reveal that DLF is now likely to get a leasable area, measuring around 2.5 million square feet, which was previously around 1.5 million square feet.
This project is located near the Cyber City and has good rental potential in the coming years. Around 60% of the area has already been pre-leased by the company. Therefore, the development can be considered to be in the advanced stage. In the proposal, the real estate company has informed that it will increase the number of parking to 4,425 cars, against the previous figure of 3,542 cars. This project will also generate a good employment, recruiting around 35,532 people.
It should be noted that DLF is one of the largest real estate company and a leading developer in the commercial sector. It has got a strong portfolio of more than 30 million square feet. The commercial assets of DLF are highly potential, and in order to monetize it, the promoters of the company have sold 33.34% stake for around INR 9,000 crore in its rental arm, DCCDL. The remaining 66.6% is with the realty majors. The company has recently purchased 12 acres of land for INR 1,500 crore in Gurgaon in order to develop another commercial project.
Being one of the leading commercial property developers in the country, DLF has been launching a number of projects in the key cities in recent years. Gurgaon is presently one of the largest investment hubs, with an increasing demand for commercial property. You may seek the necessary assistance from the real estate consultants in India before you invest in a commercial property in Gurgaon.This project from DLF is further likely to strengthen the commercial real estate sector in India.
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