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DLF suspends Delhi Convention Centre venture

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Foremost realty developer DLF had plans to construct a mega convention centre, but has been discarded as the Govt. is not ready to give acquiescence for the company to look for a foreign equity associate for the venture. Chairman of DLF Group said to www.proeprtykhazana.com that, “We are willing to return to the venture if we are allowed to beguile foreign associates for funding comprising private equity players. Till the Delhi Development Authority (DDA) permits a SPV for the venture to comprise extra equity players, the venture will not exit.” The Delhi convention centre is one of the four forefront amenities proclaimed in Union Budget. It is revealed by the source at the www.propertykhazana.com that DLF grabbed the development for being the alone bidder in July and its fiscal bid was for about Rs. 950 Crores against a reserve rate of Rs. 850 Crores.
As per to the sources saying at the www.propertykhazana.com, the mega convention centre was enrolled to develop in Dwarka in an area of about 15 hectares near the city’s airport and was known as one of DDA’s most striving ventures. The complex was having an integrated developed area of about 2 Lakhs Sq.Mtrs including area of about 87,000 Sq.Mtrs convention and expo complex, 65,000 Sq.Mtrs for hotel complex and 37,000 Sq.Mtrs for commercial complex. Talking about Govt.’s role in realty and urban development, he said that, it must play a role of an approver and planner and it is not achievable for developers to obtain big areas of land. The Govt. must play a lively role in purchasing land for developments, he added. For more updates on real estate market browse www.propertykhazana.com.
Source: NBTVLIVE

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