DLF-GIC to invest Rs 1,250 crore for housing project in central Delhi
Realty major DLF and Singapore’s sovereign wealth fund GIC will invest about Rs 1,250 crore over the next four years to construct a housing project in the national capital. In September 2015, the GIC had invested Rs 2,000 crore to buy 50 per cent stake in DLF’s two upcoming housing projects at Moti Nagar in central Delhi.
DLF had entered into a joint venture with GIC for these two projects, which will be called ‘Midtown’, having total development potential of about 7 million sq ft.
The JV has started construction of the first phase of this project that involves 2.5 million sq ft of built-up area.
The investment on construction is estimated to be Rs 1,250 core for the first phase, sources said.