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American Express buys 9 acres land from DLF Group for its Office campus

Posted On: 2019-09-16 20:57:42

DLF Ltd., India's leading real estate company, has concluded the sale of over 9 acres land located in Sector 74 A in Gurugram to American Express (India) Pvt. Ltd. (AMEX) for building its office campus. The transaction was recorded at over Rs. 32.00 crores an acre.

The land parcel is situated near DLF's existing development, Corporate Greens, located on the Southern Peripheral Road. The location has seamless connectivity from NH-48, Sohna Road, Golf Course Extension Road and the Gurugram - Faridabad road. The location already has the presence of large corporates in the close vicinity. The proposed extension of the Gurugram metro route passes through SPR opposite the land acquired by AMEX and so will be the planned Rapid Rail between Delhi & Alwar. It will also have seamless connectivity with Dwarka Expressway once the construction of clover leaf is completed at NH-48 & SPR Junction. The proposed new office of AMEX is in proximity to Manesar - the country's leading Industrial belt and the new freight corridor between Delhi and Gujarat.

Mr. Devinder Singh, Managing Director, DHDL commented "We are excited that AMEX is going to develop its new office facility at Sector 74 A, Gurugram, and we are happy to have a marquee international company in this region". Mr. Singh also added, the transaction demonstrates the potential of the area as the next business destination in Gurugram and sets the right benchmark for future developments in this upcoming urban district".

The company has a land bank of about 120 acres earmarked for commercial development in this region, DLF has ambitious plans of developing over 25 msf area in these sectors, making it a new nerve centre of Gurugram on similar lines like the existing DLF Cybercity. With planned infrastructure improvements, the district is expected to emerge as the next growth corridor of Gurugram.

DLF's has already developed various residential projects in Garden City, New Gurugram which has ready to occupy modern high-end apartments and plots. The region also has about 1,00,000 residential dwellings that are complete/under construction within a radius of approx. 10 kms of the said land.

Mr. Sriram Khattar, Managing Director, DLF Rental Business, added, "AMEX is one of our oldest lease clients. In the last 15 years, AMEX has already leased about a million square feet for their various workspace facilities with DLF. AMEX's first-ever land acquisition investment in Gurugram is a reaffirmation of Gurugram being the preferred destination for Fortune 500 companies."

DLF has developed large parts of Gurugram as a true international urban destination. With its eclectic mix of modern office buildings, vibrant retail and high-end apartment complexes, Gurugram has leapfrogged various cities, to emerge as a major capital of commerce. Various business leaders are now eyeing Gurugram as the location of choice, especially for new industries.

Shares of DLF LTD. was last trading in BSE at Rs.161.65 as compared to the previous close of Rs. 166.2. The total number of shares traded during the day was 790688 in over 4091 trades.

The stock hit an intraday high of Rs. 165.4 and intraday low of 160.1. The net turnover during the day was Rs. 128560277.

Source: Equity Bulls

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