DLF gets cracking on Gurgaon II

DLF Ltd is in the process of doubling its land holdings after putting off its public issue.

As part of this exercise, the real estate company is working on a second integrated township near the existing DLF City in Gurgaon, with an estimated investment of Rs 30,000 crore.

In realty circles, the new township is being referred to as DLF City II. It is in accordance with the new master plan for Gurgaon, and will be as large as the existing DLF City spread over 3,000 acres. DLF's existing township took off in phases "" as DLF Phase I, Phase II and so on till Phase V.

Till April 2006, it comprised 8,101 apartments, with a total sale value of Rs 1,644 crore. This is apart from the independent houses in the township.

The new township is expected to come up in five phases. It, too, will include plots, luxury and middle-income homes, apartments, malls, and offices. Also, with DLF foraying into hospitality, hotels are also likely in the new township.

Sources close to the development said DLF started purchasing land for the township from private owners at least one and a half years ago. The timing of the purchase is significant.

Property prices have been climbing in the last 12-15 months, which means DLF mostly paid less than what it will have to shell out today.

When contacted, the company refused to go into details.