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Real Estate major DLF has bought 25 acres of land in Hyderabad for Rs 452 crore in an open auction. The land will be used to develop IT park in the area.

According to a company spokesperson, DLF is likely to seek permission for converting the land into SEZ. The land is in the middle of IT corridor of the city. The company has already paid 30% of the amount to the state authority. DLF already owns around 40 acres of land in Hyderabad, where it is planning to develop an IT specific SEZ. The company is aggressively acquiring land all over the country for commercial as well as residential development. The company owns over 10,250 acres of land with the development right of 574 million sq ft.

According to a company source, DLF has a land reserves of 5,269 acre in National Capital Region of Delhi, 242 acre in Bangalore, 113 acre in Chennai, 22 acre in Mumbai, 433 acre in Chandigarh, 2,331 acre in Kolkata, 385 acre in Pune, 265 acre in Indore, 153 acre in Nagpur and 524 acre in Goa. Besides, it owns 200 acre in Lucknow, 102 acre in Shimla, 54 acre in Bhubaneshwar, 25 acre in Sonepat.

As government has adopted a liberal tax policy in SEZ, the company is planning a number of SEZs in the country. It has already received approvals from Government’s Board of Approvals for two IT specific SEZs in Gurgaon, one each in Hyderabad and Pune. The company has also received a final notification for their SEZ in Chennai. Besides, the company has got in principle approvals in respect of their IT specific SEZ in Delhi and Bhubaneshwar. DLF is also working to launch a number of multi-product mega SEZs in Haryana, Amritsar and Ludhiana.

According to the company source, the development on the recently acquired land in Hyderabad will be completed within 24 months.

News Source: Times of India