Realty major DLF and US-based Hines will invest around Rs 1,300 crore to construct the first phase of a premium commercial project, largely office space, in Gurugram, a senior company official said. The construction of this project, comprising 2.55 million sq ft area in the first phase, has started, Managing Director of DLF Rental Business Sriram Khattar said.
DLF and Hines had formed a joint venture in March last year to develop this project on a 11.76 acre land parcel bought by DLF in 2018 for nearly Rs 1,500 crore through an e-auction conducted by the Haryana government. In March last year, DLF sold 33 per cent stake in this commercial project to Hines for around Rs 650 crore.