DLF, GIC to invest Rs 1,250 Cr for residential project

By Accommodation Times Bureau

NEW DELHI

GIC Private Limited, formerly known as Government of Singapore Investment Corporation and DLF has entered into a JV for constructing two projects in Delhi. It will invest over Rs 1,200 crore for the next four years for a housing project. The two projects which will be called Midtown.

The first phase of the projects has been started which involves 2.5 million sq. ft. of built-up area and the projects have the potential of 7 million sq. ft.

According to the agency, after getting the OC from the authorities, DLF will open the sale of flats.

The company expects to sell apartments in this project for over Rs 20,000 per sq ft, it said.

The project is going to be built at Moti Nagar on a 38-acre land parcel.

The company has formed a separate JV with GIC for the commercial project after this project gets over, the agency said.

 

 





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