DLF Slashes the Price of New Town Bangalore by 700 Rupees

233134 — Thu, 20 Nov 2008 11:28:00 GMT

DLF Ltd, India’s largest builder in terms of market valuation and in terms of completed residential and commercial property development, has slashed the pre-launch booking price of apartments at its debut residential project New Town , BTM Layout Extension , in southern Bangalore as the current slowdown dampens demand for realty. DLF is now offering apartments at its proposed 80-acre gated community in Bangalore’s BTM Extension for Rs 2,775 per sq ft, against Rs 3,500 per sq ft earlier. The project, however, is yet to receive mandatory approval from the Bangalore Development Authority.

“We have opened prelaunch bookings and are expecting to get the BDA approval in the next two-three months after which we begin construction,” said an official at DLF Homes requesting anonymity.

Meanwhile, this price slash means that a 1,310 sq ft two bedroom-hall-kitchen (BHK) flat in the project would now cost Rs 36.35 lakh, or about Rs 9.5 lakh cheaper than its initial price. The current market rate of property in the area is between Rs 3,000 and Rs 3,500 per sq ft. The first phase (of the project), which will have about 700 units, is expected to be completed in 24 months.

Visit DLF for More details at http://www.dlf.in/wps/portal/homes?jspName=new_town_bangalore/overview.jsp
(Be prepared to wait for a long time for the website to load)

But this trend of reducing the prices among 'A' category builders was actually started by namma Bengaluru's Sobha Developers Ltd who announced an 8 per cent reduction in prices across all its projects 2 weeks ago. Another city developer, Golden Gate Properties Ltd, is offering possession of condominiums at its Golden Grand project at 75 per cent of the property value with the option to pay the balance amount in five years.

Finally, the country’s largest builder turns innovative to beat slump, it seems

Source: Realty Plus Magazine

DLF will Develop Rs.60,000 Crore 'New Bangalore' at Bidadi

233134 — Sat, 06 Oct 2007 14:20:00 GMT

The Karnataka government has awarded the 9,187-acre Bidadi Knowledge City, which will be positioned as New Bangalore, to the country’s largest realty firm DLF Ltd.

This project is three times the size of DLF City, the realty firm’s flagship integrated township in Gurgaon.

The project will entail an investment of over Rs 60,000 crore and will be developed in a 50:50 joint venture with the Dubai-headquartered Limitless Holdings, a sister company of Nakheel and a part of the diversified Dubai World group.

DLF and Nakheel already have a 50:50 joint venture for developing two townships of 20,000 acres each at Gurgaon and south Maharashtra at an initial investment of Rs 40,000 crore.

DLF will be sponsoring a $1-1.5 billion fund to finance the three townships it is developing with Nakheel. The company will sell a part of its equity in the townships to the fund.

The township will be based on the ‘walk-to-work’ ideology. It will comprise high-quality office space, residential developments, shopping malls, multiplexes, hotels and service apartments. Of the entire area of 9,178 acres, 6,000 acres can be developed by the realty firm.

The Knowledge City is located around 30 km from Bangalore and 15 km from Mysore, between NH-209 and Bangalore-Mysore Expressway, and will look to supplement the existing urban infrastructure of Bangalore.

The project is conveniently located on the Bangalore-Mysore railway line and has an additional advantage of being on the Southern Freight Corridor.

In addition to that, New Bangalore is approximately 30 km from the existing international airport and 60 km from the upcoming Bangalore International Airport, to which to which it will be connected by an expressway.

The city will also have a dedicated Metro Rail connectivity to Bangalore. DLF, however, is also planning to develop airports and metro stations within the township.Bidadi Knowledge City will also have shopping malls, multiplexes and hotels

The project was awarded to DLF, following a global tender issued by the Bangalore Metropolitan Regional Development Authority (BMRDA).
In all, 32 consortiums, formed by over 100 companies, had filed for the request for qualification (RFQ). DLF, however, had emerged as the sole bidder.

Realted News-DLF wins 12.5 Billion US Dollar Bangalore township order

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DLF Slashes the Price of New Town Bangalore by 700 Rupees

DLF will Develop Rs.60,000 Crore 'New Bangalore' at Bidadi