In a recent development, Renowned developer DLF has announced to invest in over Rs 1400 crores to develop a commercial project in Gurgaon. The announcement has been made after they received a green nod from the environment ministry to expand the office space in Gurgaon by nearly 1 million square feet area.
The Haryana Govt has recently increased the floor area ration (FAR) under its new TOD (Transit Oriented Development) policy. Immediately after this, the DLF applied for the development of increased build-up area in its ongoing Cyber Park project spread over nearly 12 acres.
According to an official, the environment ministry has given the green nod only after taking into account the recommendations of the Expert Appraisal Committee. The approval is wholly subject to the compliance with certain conditions.
Earlier DLF was investing Rs 412.67 crore in the expansion, but now with ministry’s permission, they will now pour-in Rs 1,439.11 crore to develop the Cyber Park project. According to the new proposal, the company will now get a leasable area of around 2.5 million square feet as against earlier 1.7 million square feet. Also, the number of vehicles parking will increase from 3,542 cars to 4,425 cars.
The proposal further added that the new construction will boost the employment in this office space to 35,532 persons. DLF Cyber City is currently yielding high rentals in Gurgaon and with this construction, it will fuel up further. The company sources inform that it has already pre-leased about 60 percent of the area.
One of the country’s largest real estate firm, DLF is a name synonymous with global standards, new generation workspaces and lifestyles. It has the distinction of developing office projects and IT parks, IT SEZs that are at par with the best in the world.