DLF Group

DLF sells nine acre land to American Express for Rs 300 crore

News

The DLF group recently sold a 9-acre land located in New Gurugram to American Express for approximately Rs. 300 crore. According to the sources, this is believed to be one of the costliest land deals in this locality. The selling cost is calculated to be nearly Rs. 32 crore per acre.

American Express plans to build a huge campus on this land parcel that is exactly situated in Sector 74A, known as New Gurugram, the sources said.

DLF’s MD (Rental Business) Sriram Khattar and DLF group CFO Ashok Tyagi confirmed about finalizing this deal.

A top official said that this transaction has set the standard of value of the land in the area close to Southern Peripheral Road (SPR) and NH-8 where the Haryana State Government has made a lot of effort to develop infrastructure.

Khattar said the company would extend all help to the government for the development of New Gurugram as it did for Gurugram.

DLF is already developing several projects in this part of the IT city.

Earlier in June, the DLF group went into a joint venture with Singapore’s sovereign wealth fund GIC to build a retail mall in Gurugram. This mall will be developed in over 2.5 million sqft area and is believed to be the biggest mall of India, the sources said.

This will be a mix-land project and is planned to have both retail and commercial space named as Down Town. The same will be developed on a 23-acre land parcel owned by the DLF group in Gurgaon. This plot is located on the highway opposite to DLF Cyber Park that is spread over 2.5 million sqft.