The Hindu Business Line : DLF may snap up DCM Shriram land for Rs 1,750 cr

Unlocking value: The building which housed DCM Shriram's Swatantra Bharat Mills in the heart of Delhi. The Mill hasrelocated to Tonk in Rajasthan. Pursuant to the relocation, opportunities for realising value in the real estate are beingexplored at the location. - Kamal Narang

Our Bureau

New Delhi, July 12 In what promises to be India’s largest land deal in monetary terms between two private parties, real estate major DLF is learnt to be on the verge of snapping up 112 acres of prime land in Delhi from DCM Shriram Consolidated Ltd (DSCL) for Rs 1,750 crore.

While DSCL denied that the transaction had taken place, sources said that DLF had outbid rival Unitech to clinch the land deal on Shivaji Marg in West Delhi, which earlier housed Swatantra Bharat Mills. A DLF spokesperson declined to either confirm or deny the report, while Unitech Ltd’s Managing Director, Mr Sanjay Chandra, could not be reached for comments despite several attempts.

IT Park

DLF – whose market capitalisation crossed Rs 1-trillion mark today (the company became the ninth firm and the first listed realtor to do so) – is believed to be mulling utilising the land for a project entailing office space and retail. Sources said that the company could also look at the possibility of a large IT park.

In a statement to BSE today, DCM Shriram Consolidated said that it continues to actively consider and pursue various options for its property at Shivaji Marg along with its joint venture partner. “During the course of this process, the company has been approached by various real estate development companies/financial investors for participating in the development on part/full ownership basis, including outright transfer of the company’s interest in the property. As a part of the process of evaluating various options, the company may be required to partake in certain procedures. However, any final decision on the matter will be considered and approved by the board of directors.”

More Stories on : Real Estate & Construction | Outlook

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Rains could have a final say on coffee production

Genpact stays top ITES-BPO exporter

BSNL seeks legal opinion on cellular contract row

Slowdown in manufacturing pulls down IIP to 11.1% in May

Mukesh Ambani’s Navi Mumbai SEZ gets conditional nod

Fund managers still betting on Infosys

Bajaj Auto Q1 net drops 15%

UTI Bank net jumps 45% on growth in advances, income

DLF may snap up DCM Shriram land for Rs 1,750 cr

Mahindra Ugine turns active

Exporters get interest relief on credit, higher refunds