Realty major DLF will invest over Rs 1,400 crore to develop a commercial project in Gurugram after the environment ministry gave a nod to expand the office space by nearly 1 million square feet. This is more than three times the initial planned investment.The project located close to Cyber City commands high rentals.
The ministry approved the proposed expansion after taking into account the recommendations of the Expert Appraisal Committee, the Press Trust of India reported quoting an official document. DLF, is the country’s largest realty firm and has a commercial real estate portfolio of over 30 million square feet.
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The realty firm will expand the office space by nearly 1 million square feet. The company will now get a leasable area of around 2.5 million square feet as against earlier 1.7 million square feet, PTI said quoting sources.
DLF will now invest Rs 1,439.11 crore to develop the Cyber Park project, as against the earlier estimate of Rs 412.67 crore. The parking space will increase to 4,425 from 3,542 cars and would generate employment to 35,532 persons, PTI report said.
After the Haryana government increased the floor area ration (FAR) under its new TOD (Transit Oriented Development) policy, DLF had applied for developing an increased build up area in its ongoing Cyber Park project spread over nearly 12 acres.
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