50,000 sq.ft. office space in Gurugram sold for Rs 150 crore by DLF
DLF, India’s largest realty firm has sold nearly 50,000 sq ft of prime office space in Gurugram for about Rs 150 crore. They sold the same on account of rising demand for commercial properties from corporates and institutional investors. It adopted both lease/sale model for its 12 lakh sq ft office building ‘Two Horizon Center’ on Golf Course road, Gurugram in Haryana. DLF usually provides office space on lease to corporates.
At a basic selling price of more than Rs 25,000 per sq. ft., the company sold about 48,000 sq. ft. of office space to a big corporate leader. The name of the corporate is not revealed yet. The company currently has a little over 1 lakh sq.ft. in this project.
Recently, DLF promoters sold 40 per cent of their stake in rental arm DLF Cyber City Developers Ltd (DCCDL) for about Rs 12,000 crore. The deal included sale of 33.34 per cent stake to Singapore’s sovereign wealth fund GIC for Rs 9,000 crore. It is observed that to infuse funds in DLF for reduction of debt, the promoters monetised stake in DCCDL.
DLF said that the commercial segment of the business continued to exhibit good growth, while declaring its annual result last week. In 2017, gross leasing stood at 6.76 million sq.ft. out of which 5.96 million sq.ft. was attributable to DCCDL.