DLF set to price Delhi project 50% lower

DLF Ltd, the country’s largest real estate developer, is expected to launch a residential project in West Delhi with rates less than 50% those of similar projects in the vicinity, according to market sources.

The realtor’s project at Shivaji Marg, an industrial area, will have 18 floors and over 500 two- and three-bedroom apartments in the first phase. The apartments, with an average size of 1,300-1,500 square feet, will be priced at Rs 5,000 per square feet.
Industry experts believe that the DLF project will lead to a price war among developers in the region as Emaar MGF’s similar project, Commonwealth Games Village, is priced at Rs 12,750 per square feet.

The average final sale price for an apartment in the DLF project works out to about Rs 70 lakh. The company has asked for Rs 5 lakh as the booking amount. The rest can be paid in quarterly instalments. The project is expected to be complete in three years and could bring in sales of Rs 350 crore in the first phase.

A DLF spokesperson declined to comment.

Recently, DLF re-launched its Bannerghatta Road project in Bangalore with a price tag of Rs 2,100 per sq ft, as against Rs 2,775 earlier. It had also slashed prices for its Chennai, Hyderabad and Gurgaon projects.

DLF was earlier planning to build an IT special economic zone at the West Delhi site, but changed its plan owing to falling commercial demand. It applied to the commerce ministry for denotification of the 25-acre plot.

DLF had bought the parcel of land from DCM Shriram in 2007 in a Rs 1,675 crore deal.