HC order on Gurgaon land spells more trouble for DLF
The land was acquired in an auction for Rs 1,750 crore in 2009-10. The allotment was challenged by farmers and a village panchayat in 2011
Sep 05, 2014
Source : Business Standard


New Delhi: DLF’s dream of building another luxury premium project near the Golf Course Road, Gurgaon, has been hit by a recent order of the Punjab and Haryana high court, setting aside the Haryana government’s allotment of 350 acres.

The land was acquired in an auction for Rs 1,750 crore in 2009-10. The allotment was challenged by farmers and a village panchayat in 2011. In 2012, the HC asked DLnot to carry out any construction or create third-party rights on the lot.

This plot is behind DLF Phase-V and near Sectors 42, 53 and 54. The recreational and luxury project planned on the lot in question would have included a golf course, a low-rise residential complex and commercial properties such as service apartments, hotels and a sports complex, convention centre and food court.

DLF might have suffered another jolt to its brand because of the latest court verdict, two brokers tracking the National Capital Region market told Business Standard.

It has premium projects around the Golf Course road — The Camellias, The Crest, The Aralias and The Magnolias. Currently, one of the most expensive apartments by DLF here has been priced at Rs 25,000/sq ft and many experts say this future project (at a place called Wazirabad) could have been priced at Rs 35,000-40,000/sq ft, going by the local trend.

In a statement to the BSE exchange, DLF said the High Court, while upholding the acquisition, had made some observations regarding the allotment; a copy of the order was still awaited. “The land was awarded to DLF by two rounds of international competitive bidding,” it said.

DLF had emerged as the sole bidder for the 350-acre project after the bids of other parties — Unitech and a Malaysia-based consortium comprising Country Heights, Country Club of South Africa and Rajarhat IT Park — could not qualify on technical grounds. The qualified bidder, DLF, had bid at Rs 12,000 a sq metre against the reserve price of Rs 11,978 a sq metre. The letter of acceptance was issued by Haryana State Industrial and Infrastructure Development Corporation.

Last week, the Supreme Court directed DLF to deposit Rs 630 crore in its registry within three months, rejecting a request to stay an order of the Competition Commission of India which had imposed the penalty for unfair trade practices at its Belaire project in Gurgaon.

Latest Realty News

Houses with over Rs 1 lakh pending taxes to be confiscated in Ghaziabad
Sep 05, 2014
The municipal corporation has identified 118 residential properties in all its five zones in the city which it will soon confiscate for pending house and water tax amounting to overRs 1 lakh
GDA pressures builders with threat to seal flats
Sep 05, 2014
Home-owners in scores of housing societies in Indirapuram have been served notices by the Ghaziabad Development Authority that their flats will be seized unless deeds of declaration are submitted to the civic agency
Haryana says DLF deal 'transparent'
Sep 05, 2014
With assembly elections round the corner, the Punjab and Haryana high court's order on Wednesday cancelling the auction that saw 350.7 acres of land being allotted to real estate giant DLF came as a big jolt to the Haryana government
DDA to show sample flats till October 9
Sep 05, 2014
For the first time in a housing scheme, DDA will allow its applicants and prospective applicants to see the type of flats on offer
Tata Value Homes sells 85 flats on Snapdeal within a week
Sep 05, 2014
E-commerce is no longer limited to apparels, gadgets and white goods — consumers are even buying houses over the internet. Tata Value Homes, a subsidiary of Tata Housing Development Company, for instance, sold about 85 flats on Snapdeal within a week of putting some of its projects online
Indian real estate market saw significant change during 2005-14: Report
Sep 05, 2014
Indian real estate market witnessed a significant change in the last decade mainly backed by opening up of FDI in the sector and shift in preference to high-rises over traditional low-rise structures, according to a report
Fixed-rate home loans back
Sep 05, 2014
ICICI Bank has brought back fixed-rate mortgages. The bank is offering home loans up to 10 years at a fixed rate of up to 10.25%, which is close to 10.15% it charges its floating-rate customers
Now, textile major Arvind aims to be real estate brand too
Sep 05, 2014
From being synonymous with the words like ‘denim’ and ‘textiles’, brand Arvind is on its way to establish itself as a formidable real estate brand too
Chief Ministers' Conclave on Housing on Sep 12
Sep 04, 2014
A special comclave of chief ministers is to be held in the national capital Sep 12 to push the agenda of housing for all by 2022, said the National Real Estate Developers' Council (NAREDCO) here
Luxury homes in Pune beat affordable ones in demand
Sep 04, 2014
The city's high-end residential segment has shown a smart 39% rise in capital value in the 2011-14 period — the highest any market has shown in the country, a report by real estate advisory company Cushman & Wakefield has said

Latest Realty News Of State

Realty Talk's