DLF wins bid for Gurgaon land for Rs17bn Gurgaon

DLF Ltd. won the bid to acquire a 350-acre land in Gurgaon for about Rs17bn, exceeding the minimum price of Rs16.96bn. The Haryana government issued a letter of acceptance of the bid to DLF. The nation’s largest land sale in two years envisages to develop a project for homes, offices and a golf course near New Delhi, according to reports. The real estate giant had bid Rs12,000 per square meter. DLF already owns a 3,000 acre township in Gurgaon. The new golf course would be DLF’s second in Gurgaon. The company developed and manages a 142 acre golf and country club in the suburb. The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) had invited bids in January for the Gurgaon land, but re-floated tender in July, after DLF, the sole bidder in the first round, sought easier payment terms, reports a business daily. The financial bids for the land were opened on Aug. 18, where DLF emerged the sole qualified bidder. Other two contenders - country's second largest developer Unitech and Bharti group's Bharti Realty - were disqualified on technical grounds, the financial newspaper added.