Haryana HC cancels DLF's 350 acre, Rs 1,750 cr land allotment
The decision came on a set of petitions filed by farmers challenging the acquisition and transfer of the land to DLF, citing that it was village common land
Sep 04, 2014
Source : Business Standard


Haryana: The and Haryana High Court on Wednesday set aside the Haryana government’s decision to allot 350 acres of land in Wazirabad, Gurgaon, to the country’s largest real estate developer in 2010.

This the second blow to DLF in the past week. The had on August 27 directed the company to deposit Rs 630 crore in its registry within three months, rejecting its request to stay the order of the Competition Commission of India (CCI) that had imposed the penalty over unfair trade practices.

A division bench of the high court, comprising Justice Surya Kant and Justice Amol Rattan Singh, directed the to conduct an auction of the land in question by inviting international bids within a month. However, DLF would be able to participate in the auction process, according to a report by news agency PTI.

The decision came on a set of petitions filed by farmers challenging the acquisition and transfer of the land to DLF, citing that it was village common land, the farmer’s counsel said. The bench upheld the acquisition of the land by state-owned authorities but set aside the land transfer to DLF.

DLF, in August 2009, had bagged the 350-acre land for Rs 1,750 crore to develop a recreation and leisure project. The letter of acceptance was issued to DLF by the Haryana State Industrial and Infrastructure DevelopmentCorporation Ltd (HSIIDC) after the company emerged as the successful bidder. The court had in 2012 restrained DLF from carrying out any construction and from creating any third party rights.

When contacted, a DLF spokesperson said, “DLF won this land in an international competitive bid conducted twice by the government of Haryana in 2009-10. The copy of the order is still awaited but we wish to clarify that it will have no bearing on any of our completed or ongoing projects. This land was to be developed in the future. After reading the order and taking legal advice, we will take appropriate steps.”

However, some brokers said DLF had already launched a project on the same parcel of land and even made many bookings. It is one of the premium projects of the company around the Golf Course Road. 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 only qualified bidder, DLF, had quoted its bid at Rs 12,000 per sq mt against the reserve price of Rs 11,978 per sq mt for the project.

Latest Realty News

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
134 licences issued to builders in three months before polls
Sep 04, 2014
With the model code of conduct set to kick in anytime, the Haryana state government seems to be in a hurry to issue licences to builders
Narayana Murthy invests in realty, Azim Premji to follow suit
Sep 04, 2014
Property has always been a major investment avenue of the rich. Now, some of the people one would expect to focus on enterprising ventures are also looking at rent-yielding property
Rise of property prices slack in city
Sep 04, 2014
The prices of residential property in Mumbai witnessed a 16 per cent increase over the last three years as compared to 41 per cent and 28 per cent in Bengaluru and Pune, respectively, according to the latest report from global real estate consultant, Cushman & Wakefield
Oriental Bank of Commerce Cuts Interest Rate on Home Loan
Sep 04, 2014
Oriental Bank of Commerce (OBC) on Wednesday cut home loan rate by 0.5 per cent to 10.25 per cent
Brigade, Singapore's GIC to invest $248 mln in Indian property sector
Sep 02, 2014
Indian developer Brigade Enterprises (BRIG.NS) and Singapore's sovereign wealth fund GIC Pte Ltd have agreed to jointly invest 15 billion rupees ($248 million) in residential real estate projects in south India, the companies said
Indian home prices fell most in 52 nations, IMF says
Sep 01, 2014
Is India's real estate bubble finally bursting? The International Monetary Fund's recently-launched data series on global housing prices hints at that. Among 52 major markets for which IMF has collated house price data, India has witnessed the steepest fall
Bangalore, Mumbai to Lead Residential Sales Recovery: Knight Frank
Sep 01, 2014
Residential property sales in India have remained sluggish over the past year amid slowing economic growth, high interest rates and high inflation, among others. But analysts see sales volume picking up in the second half of this year (July-December).
PE investment in real estate to cross Rs 12,000 crore
Aug 31, 2014
Private equity investment in real estate sector jumped over two-fold to Rs 4,100 crore in the first six months of 2014 and is likely to cross Rs 12,000 crore by end of the year

Latest Realty News Of State

Realty Talk's