Delhi's biggest post-slowdown deal: R1,652 crore for 38 acres | business | Hindustan Times
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Delhi's biggest post-slowdown deal: R1,652 crore for 38 acres

business Updated: Nov 12, 2010 02:31 IST
HT Correspondent

In what is being called the biggest real estate deal in Delhi after the 2008-09 slowdown, Parsvnath Developers on Thursday bagged a 38-acre plot auctioned by the Rail Land Development Authority (RLDA) in Sarai Rohilla for R1,652 crore.

At R43.4 crore per acre, this deal is second only to DLF’s pre-slowdown deal of R44.1 crore per acre, when it acquired 38 acres near Moti Nagar for R1,675 crore from the DCM group.

“This property is going to change the skyline of Delhi, especially in terms of luxury houses, a school, hotel and luxury club,” Parsvnath chairman Pradeep Jain told HT.

The plot is 5 km from Connaught Place, 3 km from New Delhi railway station and 2.5 km from Karol Bagh.

While 19 bidders were shortlisted, only two put in the financial bid — Parsvnath and IndiaBulls, which quoted a price of R1,257 crore or R33.1 crore per acre.

As per the terms of the sale, on 10 acres, Parsvnath will develop — for free — 500,000 sq ft of residential premises for railway employees, who are already staying there.

On the remaining 28 acres, it will develop 23,00,000 sq ft of residential space, 335,000 sq ft of shopping, office and retail complexes and 100,000 sq ft of institutional area for schools and hospitals.

“This is the biggest real estate deal when you consider the fact that 750 railway quarters are to be redeveloped free of cost,” said Anil Gupta, general manager (projects), RLDA, the nodal agency developing railway land across India.