Despite sluggish growth, DLF goes ahead with projects
The sluggish growth in the real estate sector may have pushed some high-priority projects on backburner but DLF is steady with its proposed projects in Punjab. The company is in the process of consolidating its landbank at new locations in Punjab.
Deepak Nayyar, vice president at DLF India, told that besides Mohali (where they already have 215 acres of land for heterogenous use, they were in the process of acquiring land at Ludhiana and Jalandhar. “We have already launched a commercial project offering 1.80 lakh square feet, ready to move in office project. We want to expand further and discussions for the project are in final stage." He added that Ludhiana was another important town in Punjab where the company wants to set its foot with a new project and that land consolidation was in the process.
According to Nayyar, the company got an overwhelming response at Mullanpur (7 kilometers from west end of Chandigarh) and the pace of urbanisation in Punjab not at all affected by the economic slowdown.
DLF, he said, mobilised an investment of about Rs 2,000 cr in the states of Punjab, Haryana, Himachal Perdesh and the Union Territary of Chandigarh creating a land bank of about 1,000 acres.
The projects were scattered over Shimla, Kasauli, Mullanpur (New Chandigarh) and Pinjore-Kalka Urban Complex (Panchkula). All the projects were on stream except for one at Panchkula as the Supereme Court halted the construction in Pinjore-Kalka urban complex where the private developers are coming up with residential projects. The hearing of the case is on August 21.