DLF- GIC to develop two housing projects in Central Delhi

Delhi News

Renowned Real estate Company DLF, in association with Singapore’s sovereign wealth fund organization GIC has announced to capitalize about Rs 1,250 crore over the next four years to construct two housing projects in the Delhi. The two projects will be developed under the name of ‘Midtown’ and are located at Moti Nagar in central Delhi.

The residential property will be developed in various phases, in an area of about 7 million sq ft. The construction of the first phase has already begun in an area of 2.5 million sq ft. As per the sources, the total estimated construction cost for the first phase will cost around 1,250 crores.

The above two projects are the part of DLF’s overall development of 38-acre land parcel at Moti Nagar, Delhi that it bought in 2007 from DCM Shriram and Lohia Group for Rs 1,675 crore. Till date, DLF has developed and sold around 2,850 flats in three phases of ‘Capital Greens’ project out of which 1,500 units for EWS.

In order to move further to the next phase of development, DLF has entered into Joint Venture with GIC. Few days back, DLF has also announced their new business model under which they have planned to sell only those residential units to home buyers for which they have received occupancy certificates.

As per the new business model, from now onwards DLF would sell only completed products as most of the customers are now averse to taking a risk and they prefer to buy ready-to-move-in apartments.

Till date, DLF has completed projects worth about Rs 13,500 crore in Gurugram which they will sell in next 5-6 years.