Real Estate

DLF sells 9 acre land to American Express for ₹300 cr

PTI New Delhi | Updated on September 16, 2019 Published on September 16, 2019

The selling price comes out to be around Rs 32 crore per acre. Representative image   -  BusinessLine

Realty major DLF has sold a 9 acre land parcel in New Gurugram to American Express for about ₹300 crore in one of the costliest land deals in this area, sources said. The selling price comes out to be around ₹32 crore per acre.

American Express will develop a large campus on this land parcel, which is located in Sector 74A, known as New Gurugram, they added.

When contacted, DLF’s MD (Rental Business) Sriram Khattar and DLF group CFO Ashok Tyagi confirmed the development. “This transaction creates a benchmark of value of the land in the area around Southern Peripheral Road (SPR) and NH-8 where the Haryana government has made a lot of effort to develop infrastructure,” he added

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 a number of projects in this part of the IT city.

At 10.25 am, the stocks of DLF were trading 0.84 per cent lower at ₹164.80

Published on September 16, 2019
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