Gurugram: Two years after takeover order, builders yet to finish infra work – ET RealEstate

GURUGRAM: The developers of licenced colonies, whose takeover by the Municipal Corporation of Gurugram (MCG) was announced two years ago, have neither completed their pending infrastructure work nor paid the civic body to do it on their behalf.

The department of town and country planning had in 2018 approved the takeover of Palam Vlhar, Sushant Lok l and DLF phases 1, 2 and 3 by the MCG. According to the detailed project report that was prepared then, the developers of these colonies were supposed to complete all infrastructure work before the takeover. In case, the builders were not in a position to complete the pending infrastructure, they were supposed to pay the MCG to get the work done.

In DLF areas, the civic body has already started undertaking development work like road re-carpeting and water supply. Here, residents had for long been complaining about the lack of basic amenities to their respective councillors.

After these colonies are taken over, MCG will be responsible for the maintenance of roads, water and sewerage systems, parks, as well as other infrastructure work. The colonies are maintained by their developers at present.

Councillor RS Rathi, a resident of DLF 1, said, “It’s been close to two years since the order to take over DLF 1, 2 and 3 was issued. However, more than 50% of the work is still incomplete. As a result, all of us are suffering.” According to Rathi, these colonies should be taken over immediately by the civic authority without any delay.

Rahul Chandola, another resident of DLF 1, said, “For long, we have been demanding the takeover of DLF areas. Lack of basic amenities has become a major concern for residents here.”

Repeated calls and messages to the developers failed to elicit any response.

Meanwhile, the municipal commissioner has directed for formation of ward committees for assisting the councillors in managing civic issues. “To attend day-to-day complaints and grievances in a satisfactory manner, ward managers need to be provided to ward committees,” Rathi said.

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DLF pre-leases 7.7 lakh sq ft space in Chennai to Standard Chartered GBS – ET RealEstate

NEW DELHI: Realty major DLF‘s rental arm has given on lease 7.7 lakh sq ft office space to Standard Chartered GBS in an upcoming commercial tower in Chennai to be constructed at a cost of around Rs 450 crore, a senior company official said on Wednesday. DLF Cyber City Developers Ltd (DCCDL), which is a joint venture between DLF and Singapore sovereign wealth fund GIC, has leased the space in its commercial project ‘DLF Downtown’ at Taramani in Chennai being developed with a total investment of Rs 5,000 crore.

“We have signed an anchor leasing deal with Standard Chartered GBS for our upcoming office building at DLF Downtown,” DLF’s Managing Director (Rental Business) Sriram Khattar told .

Khattar said this is one of the largest office space leasing deals in recent times.

“We will be developing a built-to-suit office building of 10 lakh sq ft leasable area in this project. We have pre-leased 7.7 lakh sq ft space to Standard Chartered GBS as an anchor tenant. It is an endorsement of our quality development and project site,” he said.

The construction of the prime office tower is expected to start in January 2021 and will be completed in 36 months, Khattar said, adding that the total cost would be around Rs 400-450 crore.

Standard Chartered Bank’s wholly-owned subsidiary Standard Chartered Global Business Services (GBS) office in DLF Downtown will be its largest campus globally. It may take the remaining space in this 10 lakh sq ft building at a later stage.

Asked about the rental, he declined to comment.

But, property consultants said the leasing deal could have been struck at Rs 85-90 per sq ft per month, generating an annual rental income of about Rs 85 crore.

“We welcome Standard Chartered GBS to our family and will do our best to develop a landmark building while ensuring the safety and wellness of SCB employees. We will continue our passionate journey of providing safe and sustainable workspaces matching global standards,” Khattar said.

He said India’s office market is slow currently with corporates looking to conserve cash and deferring expansion plans, but the sentiments will improve from early next year.

Amit Grover, Executive Director, DLF Offices, said, “This strategic partnership is a testament to the success of our vision of new-age workplaces.”

DLF Downtown project is spread over 27 acres and has a total leasable area of 68 lakh sq ft, largely office space with some retail portion. Around 25 lakh sq ft built-up area is under construction in this project.

In December 2017, DLF had formed a joint venture with GIC after its promoters sold their entire 40 per cent stake in the DCCDL for nearly Rs 12,000 crore.

This deal included sale of 33.34 per cent stake in DCCDL to GIC for about Rs 9,000 crore and buyback of remaining shares worth about Rs 3,000 crore by the DCCDL.

At present, the DCCDL has 33 million sq ft of office and retail portfolio, generating a total rental income of Rs 3,500 crore annually.

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Gurugram civic body directs builder to repair roads in DLF-1 & 2 and submit report – ET RealEstate

GURUGRAM: The deplorable condition of the roads in DLF-1 and 2 have left the residents a harried lot forcing councillor RS Rathee to write to MCG on August 27 asking them to get the roads repaired immediately.

Following the complaint, MCG on Tuesday directed DLF to start the work and sumbit a compliance report within three days.

When contacted, DLF refused to comment on the issue.

“Internal roads and the roads surrounding markets are in bad shape. The condition worsens during rains since potholes are filled with water. I am residing in this area for 14 years now and have rarely seen authorities resurfacing these roads. DLF comes and only repairs the part of the road which is damaged,” said Suresh Kumar, a resident of DLF-1.

“A number of residents raise this issue every other day. The condition of internal roads in DLF-1 and 2 needs to be looked into and these roads need immediate re-carpeting, which has been pending for a long time now,” said Rathee.

“DLF has not resurfaced our roads in the last 10 years. There are potholes making our commute a roller coaster ride. They just resurface main roads like Ashoka road and Arjun Marg, leaving internal roads in a bad shape,” said Dhruv Bansal, spokesperson of the Qutub Enclave RWA.

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HDFC lends Rs 2,600 crore to DLF & Hines’ joint venture project in Gurugram – ET RealEstate

NEW DELHI: HDFC has extended construction loan worth Rs 2,600 crore to Hines and DLF‘s joint venture which plans to develop a commercial project in Gurugram, the company said in a media release.

In its investor’s presentation recently uploaded in the BSE, DLF had said that construction credit lines have been sanctioned while approvals are underway and construction of the project will commence thereafter. It is scheduled to be complete in 2023-24.

In 2018, DLF had purchased the commercial land parcel spread across 11.76 acres through an auction process conducted by HSIIDC for about Rs 1,500 crore, according to media reports.

The joint venture was formed in March 2019 when DLF announced sale of 33 per cent stake to Hines in the commercial project. DLF’s subsidiary DLF Home Developers and Hines group firm Green Horizon Trustee had entered into a JV where the latter has an option to increase its stake to 49 per cent.

DLF had reported a consolidated loss of Rs 71.52 crore in the first quarter of the financial year 2020-21. Its profit after tax (PAT) stood at Rs 413.94 crore during the corresponding quarter previous fiscal, the company had said in its BSE filing.

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