DLF - GIC joint venture operates over 32 million square feet of office space and this is the first time they will develop residential complex. The company will develop two million sq ft in the first phase.
NEW DELHI: Realty developer DLF in a joint venture with Singapore's sovereign wealth fund GIC NSE 0.51 % will develop 8 million sq ft of high-end residential towers at Central Delhi’s Moti Nagar with the revenue expectation of Rs 12,000-15,000 crore, official said.
DLF - GIC joint venture operates over 32 million square feet of office space and this is the first time they will develop residential complex.
The company will develop two million sq ft in the first phase.
“We have planned pipeline of 35 million square feet spread across value, premium and luxury segments. We are planning to launch approximately 12 million square feet of new products within the next 18 months, DLF NSE 1.18 % City floors and plots in the current quarter and 1 midtown in Central Delhi in quarter 4,” Ashok Tyagi, whole time director, DLF had told investors.
Delhi also ranked 27th in a global index that measures annual appreciation of luxury residential properties, as per a recent report by property consultant Knight Frank.
The proposed development of DLF is located at Midtown West, Shivaji Marg, Moti Nagar. This premium residential complex consists of 3-4 BHK apartments and comprises a clubhouse having a restaurant, salon, a library, multipurpose hall apart from other basic amenities.