Stock Signs 13th-Jul-2007
DLF may snap up DCM Shriram land for Rs 1,750 cr

In what is being seen as the country’s largest land deal, realty major DLF Ltd has bought 100 acres of land from the DCM Group in west Delhi. The deal has been struck at Rs 1,750 crore, besting Unitech’s Rs 1,500-crore land deal in Noida a few months ago.

Though DLF refused to either confirm or deny the reports, the land is expected to be developed for residential purposes. "We will most probably make high-end residential options on that land," said a source.

The company outbid Unitech, which offered Rs 1,600 crore for the land, as well as other developers like Emaar MGF. The unused land is located on a main arterial road of west Delhi near Rajouri Garden, Raja Garden and Punjabi Bagh. Property experts feel the deal will provide a fillip to realty rates in the area.

Apart from DLF, Parsvnath is the only builder present in the area. Parsvnath already has a premium, high-end apartment complex under construction at Shivaji Garden. The area is also near Shivaji Place district centre, which has four upmarket malls and will finally be home to 11 malls, one five-star hotel and a habitat centre.

DLF, which had its IPO recently, on Thursday became the first realty company in the country to cross a market capitalisation of Rs 1 trillion.