In the country’s most expensive land deal, DLF has paid a whopping Rs 1,675 crore for acquiring 38 acres of land in west Delhi from DCM Shriram Consolidated (DSCL) and the Lohia Group. The deal surpassed arch rival Unitech's Rs 1,582 crore purchase of 300 acres in Noida last year.
DLF shelled out Rs 44 crore per acre for the land parcel, located around 5 km away from New Delhi's central business district of Connaught Place. The property - better known as Swatantra Bharat Mills and DCM Silk Mills - was owned by SBM Land Redevelopment Project. DSCL and the Lohia's held an equal 50% right each to the land.
While DSCL said that it has received its share of Rs 837.50 crore on signing the agreement with DLF today, the Lohias did not offer any official comment. A family source said S P Lohia of Indonesia-based P T Indo Rama was the owner of the land.
DLF, the country's largest real estate developer, is looking to realise around Rs 12,000 crore from its future development at this site. A senior executive from DLF chose to describe the sale as "not a land deal, but a project deal on perpetual lease basis". The company said it funded the deal through internal accruals.
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