Financial Daily from THE HINDU group of publications
Thursday, Nov 10, 2005
Financial Daily from THE HINDU group of publications Thursday, Nov 10, 2005 |
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Corporate
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Announcements Industry & Economy - Real Estate & Construction DLF to buy land from Mico in Chennai; plans office complex Our Bureau
New Delhi , Nov. 9 DLF Commercial Developers Ltd has decided to buy a 4.41-acre property in Chennai from Mico Bosch for about Rs 138 crore, and plans to develop it into a retail and office complex. "We have bought the plot on Commander-in-Chief Road in Chennai from Mico Bosch for Rs 138 crore. The size of the plot is 4.41 acre and the agreement is expected to be signed shortly," said Mr Ajay Khanna, Executive Director, DLF Retail Developers Ltd. He said that DLF planned to develop the land into a retail and office complex. "We did not have a representation in Chennai, and, hence, this transaction is in line with our plans for a pan India footprint. We have already acquired property in Hyderabad and Chennai. We are looking for the right project in Bangalore and in other cities like Vizag," he said. Mr Khanna declined to comment on the investment that the retail and office project would entail, and said DLF needed to first assess such things as Floor Area Ratio (FAR). FAR is a comparison of the total area of the floor of a building with the total area of the land upon which it stands. Maximum or minimum FARs may be established by local zoning rules "The project working has been done on a preliminary basis and that was adequate for us to make an offer for viability," he added. Elaborating on the project, Mr Khanna said that the project may have retail and commercial as two parts of a building. "We may have retail in three floors and an office complex above that. The details are yet to be worked out, and a lot depends on the building bylaws and design," he pointed out. He said the project may take over two years to complete. The DLF Group has in the past completed commercial projects of close to five million sq. ft., over two million sq. ft. in retail, in addition to over 20 million sq. ft. in residential projects.
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