By innovative | 12 Dec, 2020
DLF, the leading real estate builder in India and Sovereign Wealth Fund GIC from Singapore, has invested around 1250 Cr. in Indian real estate in the next few years in the residential and commercial projects across Delhi NCR. The joint venture has planned many residential developments for the home seekers, including the residential project in Moti Nagar, New Delhi.
The joint venture between the two corporate Giants promotes flexibility in business opportunities. They have signed an agreement where both the parties can sell rent-yielding, completed commercial developments to the JV. They have also agreed upon making commercial asserts for the JV and sell the land banks assigned for commercial development in the coming few years.
Since 2015, GIC has been successfully investing in the real estate market of India. It has been estimated that GIC has invested approx. Rs. 2 Cr. till date and successfully acquired around 50% share in the upcoming residential projects of DLF, including the project in Shivaji Marg, Moti Nagar, New Delhi.
DLF has entered into a joint venture with GIC for the successful development of DLF Midtown in Moti Nagar, New Delhi. The joint venture has agreed for the total development of approx. 7 million sq. ft in the coming years.
DLF Midtown is the residential development and the major part of the DLF Capital Greens. The residential development offers various world-class amenities, including a swimming pool, kid’s playing zone, gym, 70% open space, and landscape gardens offering a fresh and luxurious lifestyle.
DLF Midtown was developed to set the ultimate example of green living in the national capital, thanks to the builder's initiatives such as solar lights for common areas, wastewater treatment for irrigation of trees and plants within the project. Rainwater harvesting is also installed within the project to reduce residents' dependability on freshwater for household chores.
DLF Midtown is the part of the 38 acres of residential development in Moti Nagar, acquired by DLF in 2007 from Lohia Group and DCM Shriram. DLF has developed and sold approx. 2800 units in configurations of 2/3/4BHK apartments in three different phases, of which 1500 apartments are reserved for EWS class.
The first phase of the development started back in 2010 with the price of 4500 per sq. Ft and the present market value of the project are around Rs. 17000 per sq. ft in resale. Despite multiple successful projects of DLF in and around Delhi, the builder has successfully managed to have total inventories of approx. 13500 Cr. alone in Gurgaon.
DLF has set a separate joint venture with GIC for the commercial developments, and they have successfully sold around 33.34% of the share in the DLF Cyber City Developer Limited.
In a nutshell, DLF has personalized all their residential project models to sell the properties at the advanced stage of the development. It is the step taken to eliminate the regulatory risks and the postponements beyond the builder's control. It ensures the highest price comprehension because selling off the payment plan requires affordable pricing to the early investors or buyers. The joint venture was formed for real estate development and sales of the projects under the development of business and construction and leasing retail and commercial developments.