DLF sells 9 acre land in New Gurugram to American Express for Rs 300 cr

India's largest realty firm DLF has sold over nine acres of land in New Gurugram to American Express for about Rs 300 crore in one of the costliest property deals in this area.

American Express (India) Pvt Ltd (AMEX) will develop its office complex on this land parcel located in Sector 74 A, Gurugram, Haryana, sources said, adding that DLF may get the contract to develop this complex for AMEX.

The transaction was recorded at over Rs 32 crore per acre, which is one of the costliest deal in the New Gurugram area, they added.

When contacted, DLF MD (Rental Business) Sriram Khattar and DLF Group CFO Ashok Tyagi confirmed the development on late Sunday.

"This transaction creates a benchmark of value of the land in the area around southern peripheral road (SPR) and NH-8 where the Haryana government has made a lot of effort to develop infrastructure," Khattar said.

The company would extend all help to the government for development of New Gurugram as it did for Gurugram, he added.

"AMEX is one of our oldest lease clients. In the last 15 years, AMEX has already leased about a million sq ft 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," Khattar said.

Devinder Singh, MD, DHDL, said 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.

DLF has a land bank of about 120 acres earmarked for commercial development in this region and has plans to develop over 25 million sq ft area in these sectors, making it a new nerve centre of Gurugram like the existing DLF Cybercity.

The company has already developed various residential projects in 'Garden City', New Gurugram.

DLF has developed 153 real estate projects and about 330 million sq ft. It has 221 million sq ft of development potential across residential and commercial segment.

The group has an annuity portfolio of over 32 million sq ft.