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Rediff News  All News  » Business » DLF plans another 'Connaught Place'

DLF plans another 'Connaught Place'

August 23, 2007 02:53 IST

DLF, the country's largest realty firm, is planning a new "Connaught Place" (now known as Rajiv Chowk) in Gurgaon in partnership with top American realty firm Hines with which it signed a memorandum of understanding late last month.

The complex will be spread across 15 acres within this fast-growing Delhi suburb, home to top multinational companies and luxury residences.

Likely to be christened "Gurgaon City Center", it will be located near the famous 18-hole signature DLF Golf Links and luxury high-rise apartments that DLF is selling through a "strictly by invitation policy" for upwards of Rs 4 crore.

The 'Center' will cover upwards of 2.5 million sq ft built-up area containing two high-rise office buildings of at least half a million square feet, a shopping promenade, dining restaurants and even a club modelled on the famous Bankers Club in the Bank of America Centre in San Francisco.

The area will have a five-star and one three- or four-star hotels. There will also be an auditorium-cum-convention centre and high-end service apartments.

"We are in talks with Hines. They are well-known for developing landmark commercial buildings and projects, and that is what we want to do with them," said Rajiv Singh, vice-chairman, DLF Ltd.

Meanwhile, senior DLF sources said Hines would design the master plan of the project and a 50:50 special purpose vehicle will be set up to execute it. A key asset in this regard is that DLF already owns the land for this project and can start work soon.

Hines is a privately-held firm with a presence in over 96 cities across the globe. Its portfolio consists of around 950 properties and the firm controls assets valued at approximately $16 billion.

A key feature in the design of Gurgaon City Center will be connectivity, either through a bridge or an underpass between Gurgaon City Center and the DLF Golf Links residential and golf-course community on the opposite side of Golf Course Road.

The transportation plan for the complex may also include a regular shuttle-bus service to the nearest Metro station when complete, and possibly a shuttle-bus service to other key locations in Gurgaon.

Nayantara Rai in New Delhi