The country's largest realty firm DLF is understood to have earmarked an investment of Rs 8,000 crore to develop a 450-acre integrated township at Gurgaon within 2-3 years.
The proposed township - DLF Garden City - will be spread over sectors 86, 87, 90, 91 and 92 (new Gurgaon), and will comprise of group housing, commercial and plotted development.
According to sources close to the development, the company will officially launch the project tomorrow.
"The launch will happen tomorrow. This project will create the landscape of new Gurgaon. The company has estimated the project cost at Rs 8,000 crore," a source said.
As per plans, the project will offer plots of different sizes ranging from 250 to 502 sq yards.
Besides, the institutional sector will house educational, cultural, religious, healthcare institutions are proposed.
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"In fact, land has already been demarcated for five hospital sites and three colleges in the area. The realty giant has also ensured premium location for the Garden City that will be close to sectors 74A and 75A, the new commercial hub in Gurgaon," another source said.
The Garden City will have plotted development projects, namely The Primus, Regal Gardens and New Town Heights, besides housing a commercial complex -- Galleria 91.
When contacted, a company spokesperson said: "As of now, DLF has ongoing development of group housing colonies in over 100 acres at sectors 86, 90 and 91, and 3,200 apartments are under construction."
Last week, DLF had said its net debt declined by Rs 169 crore in the third quarter of this fiscal to Rs 22,758 crore and it expects to raise about Rs 6,000 crore by March 2013 from sale of non-core assets for debt reduction.