American Express Buys DLF Land In New Gurugram To Build Office Complex
An auto rickshaw driver waits for customers outside DLF Cybercity in Gurugram. (Photographer: Kuni Takahashi/Bloomberg)

American Express Buys DLF Land In New Gurugram To Build Office Complex

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India's largest real estate firm DLF Ltd. has sold more than nine acres of land in New Gurugram to American Express Co. for about Rs 300 crore in one of the costliest property deals in this area.

American Express (India) Pvt. Ltd. will develop its office complex on this land located in Gurugram Sector 74 A, sources said, adding that DLF may get the contract to develop this complex for AMEX. The transaction was recorded at over Rs 32 crore per acre, which is one of the costliest deal in the New Gurugram area, they added.

DLF Managing Director (Rental Business) Sriram Khattar and DLF Group Chief Financial Officer Ashok Tyagi confirmed the DLF-AMEX deal.

"This transaction creates a benchmark of value of the land in the area around southern peripheral road (SPR) and NH-8 where the Haryana government has made a lot of effort to develop infrastructure," Khattar said. The company would extend all help to the government for development of New Gurugram as it did for Gurugram, he added.

"AMEX is one of our oldest lease clients. In the last 15 years, AMEX has already leased about a million sq. ft for their various workspace facilities with DLF. AMEX's first-ever land acquisition investment in Gurugram is a reaffirmation of Gurugram being the preferred destination for Fortune 500 companies," Khattar said.

The DLF-AMEX deal demonstrates the potential that New Gurugram possesses as the next business destination and sets the right benchmark for future developments in the region, said Managing Director Devinder Singh.

Also read: DLF Expects To Halve Its Debt By March Next Year

DLF has a land bank of about 120 acres earmarked for commercial development in the New Gurugram region and plans to develop over 25 million sq. ft area in these sectors to make it the next DLF Cybercity.

On Monday, DLF shares fell 2.74 percent to Rs 161.65 apiece on the BSE while the benchmark Sensex shed 0.70 percent to end the day at 37,123.31 points.

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