DLF said Rs. 65 crore was given as business advance for the purchase of land, “as per standard industry practice”, comprising two transactions. It said Skylight Hospitality (reportedly owned by Vadra) approached DLF in 2008-09 to sell a 3.5 acre plot off NH8 in Gurgaon. “DLF agreed to buy the said plot, given its licensing status and attractiveness as a business proposition, for Rs. 58 crore,” it said.
Likewise, the Skylight Group also offered DLF an opportunity to purchase a large land parcel in Faridabad. “(But) After concluding that the land had certain legal infirmities, we decided against its purchase…” it said. “At no stage was an interest-free loan ever given to the Skylight Group,” DLF added.
Kejriwal alleged that DLF sold its properties to Vadra at throwaway prices, on the basis of funds that Vadra obtained from DLF itself. The realty major, however, said, “It is not unusual for land sellers to reinvest in projects being developed by DLF.” It said Vadra purchased an apartment for Rs. 11.90 crore in DLF’s Aralias project in September 2008 at the market price of Rs. 12,000 per sq ft. “The alleged figure of Rs. 89 lakh as total purchase consideration is incorrect,” it said.
“Allegation that seven apartments in Magnolias were sold for Rs. 5.2 crore only is also completely baseless,” DLF added.