DLF Cyber City Developers (DCCDL) will make an investment of Rs 1,500 crore in the next two years for construction of over three million sq ft office space in Gurugram, Haryana.
DCCDL is a joint venture between DLF and Singapore’s sovereign wealth fund GIC, and has initiated development of its new mixed-use project ‘Downtown’ comprising 11 million sq ft of leasing area.
DLF has 67 percent stake in DCCDL, while GIC has the rest. DCCDL is developing 3.2 million sq ft office space in Phase-I of this new project, located on a national highway and adjacent to DLF Cyber City project. To begin with, the company has started construction work on two identical buildings of 7.5 lakh sq ft each.
The company is constructing these two buildings on steel structure with no basement for faster execution. The target is to complete by the end of 2020. The construction work on the remaining 1.7 million sq ft will start soon and get completed by the end of 2021. DCCDL has already started leasing space in this project and is expecting a rental of around Rs 120-125 per sq ft per month.
The construction cost is estimated to be around Rs 5,000 per sq ft. The developer has started planning for the remaining eight million sq ft development in the ‘Downtown’ project. Apart from this, it has completely leased its commercial project Cyber Park in Gurugram comprising 2.5 million sq ft area. It expects to earn a rental of about Rs 375 crore annually.
The 12 acre project ‘Cyber Park’ has been developed at an estimated cost of about Rs 1,500 crore. DCCDL currently has a rental portfolio of over 30 million sq ft with an annual rental income of over Rs 3,000 crore. It is currently developing 6.6 million sq ft projects across the country.