DLF group, the renowned realtor plans to invest approximately Rs. 1,500 crore in the next two years for the construction of more than 3 million sqft office space in Gurugram, Haryana. The company has decided the same while considering the demand for commercial properties from corporates and co-working firms.
DLF Cyber City Developers Ltd (DCCDL), is a joint venture between DLF and Singapore’s sovereign wealth fund GIC, has proposed the construction of ‘Downtown’ project that is designed to have 11 million sqft of leasing area. DLF has a 67 percent stake in the DCCDL and the Singapore-based GIC has the remaining share.
Sriram Khattar, DLF’s Managing Director (Rental business) said that the company is developing 3.2 million sq ft office space in the first phase of this new project, located on the national highway and adjacent to DLF Cyber City project.
He further said that the company has commenced construction of two identical buildings of 7.5 lakh sqft each. Both the structures are being built on a steel structure with no basement for faster execution and we are hopeful to complete the work by the end of next year. The remaining construction of 1.7 million sqft will start soon and is likely to be completed by the end of 2021.
Khattar also said that the construction cost is estimated to be approximately Rs. 5,000 per sqft. The DCCDL has begun planning for the remaining 8 million sqft development in the same project.