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Dlf's 350-acre Land Allotment Canceled
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DLF, a realty major has suffered a major jolt as the honorable Punjab and Haryana High Court has canceled allotment of 350 acres of land. The real estate builder had planned to come up with luxury premium Gurgaon flats in Gurgaon area. The canceled land was positioned near the prominent Golf Course Road in Gurgaon.The Haryana state government had made the land allotment of 350 acres to DLF through an bidding process.
DLF had bought the Gurgoan Land in an auction process for a whopping amount of Rs 1,750 crore in the year 2009-10. The land allotment was challenged by the local farmers and the village panchayat in the year 2011, they had challenged the auction process. In 2012, the honorable high court had asked DLF to stop construction or any other process on the land the court had also forbidden the company from creating or transferring any third-party rights of the land.
The canceled plot is located just behind DLF Phase-V. Gurgaon Sectors 42, 53, 54, 55 and 56 also lie in close proximity of the land. DLF had planned to come up with premium luxury Gurgaon properties in the area. The Gurgoan property would have included a luxurious amenities such as golf course, a low-rise residential Gurgaon flats as well as commercial properties like hotels and a sports complex, convention centre, service apartments, and food court.
DLF has already build several Luxury and premium Gurgaon properties. Many of the luxury flats in Gurgaon built by the real estate player are located along the Golf Course road. Some of the popular luxury Gurgoan properties developed by DLF are The Crest, The Camellias, The Aralias and The Magnolias. The realty major is also building another luxury property that will be priced around twenty five thousand per square feet.
According to DLF the land was acquired by them after two rounds of international competitive bidding. The realty major had come up as the sole bidder for the land project as the bids of other real estate developers such as Unitech and a consortium based in Malaysia comprising Country Heights, Rajarhat IT Park and Country Club of South Africa — were not able to qualify on technical grounds. DLF, had bidded for the land at a price of Rs 12,000 per sq meter. The reserve price kept for the land was Rs 11,978 per sq metre. Haryana State Industrial and Infrastructure Development Corporation had also issued a letter of acceptance after the auction process was complete.
Makaan.com is a property search site that lists flats in Gurgaon and Gurgaon properties. The property site offers numerous options for taking flat on rent and India real estate.
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