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DLF to build country’s largest mega mall in Gurgaon: Report

23 Aug 2012

Real estate developer, DLF is planning to build country’s largest mega mall in Gurgaon, as mentioned in a media report. The company for this 4-million square feet mall has earmarked an investment of Rs 2000 crore, the construction of which is expected to be completed by 2016. Enticing crowd into the new mall, the rapid private metro for Gurgaon and DLF's new 16-lane road would also be operational. Further, a station on the new rapid metro also is expected to be integrated with the mall.

In order to ease heavy traffic flow in the city, the company and Haryana Urban Development Authority (HUDA) have joined hands to construct a 16-lane road covering 8.3 km in Gurgaon for an investment of up to Rs 600 crore.

Recently, in a move to pare debts, real estate developer, has parted ways with its 17.5 acre plot at Lower Parel in Mumbai to Lodha Developers for a luring amount of Rs 2,750 crore. The deal includes the land cost of Rs 1,200 crore and liabilities worth Rs 1,500 crore incurred by the real estate giant since it purchased the plot in 2005.

This decision of both the firms was finalized after the plans to jointly develop the plot went kaput over revenue sharing agreement issue. Further, as per the deal, the payment towards first installment of Rs 500 crore will be made on August 13, while the remaining would be paid in October.

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