DLF, Parsvnath the sole bidder for MCD Civic Center

July 16, 2007	(2 votes, average: 3.5 out of 5)  Loading ...
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DLF and Parsvnath Developers are the sole financial bidders for New Delhi’s skyscraper, the proposed civic centre of Municipal Corporation of Delhi (MCD). According to sources, DLF has raised higher bid than its competitor Parsvnath.

However, the project has not yet landed in any of the Real Estate Developers lap.  The decision will be based on the bid amount that must satisfy the authority. Also, there is a possibility of going for re-bid. The proposed project would be constructed on 11.5 acres at Jawaharlal Nehru Marg, falling at a distance of 1 km from Connaught Place. It has been scheduled to be complete by 2008.

The structure will feature 28-storey with 6 lakh sq ft of commercial space in Delhi and three level basement parking. 50% space in the tower will come under MCD and the remaining would be leased, marketed, and managed by the winning bidder, says an MCD official. 

In addition to commercial space, the building would also have auditoriums, restaurants, and an array of recreational centers, financial institutions, and health clubs. Considering the rents in CP going through the roof, any new supply of commercial space will fetch a premium given the current demand. The existing rent scenario in CP will, however, not be the only criterion to decide rates. They are believed to be largely depending on quality of construction and separation of space. 

“The deal is undervalued at Rs 400 crore, rendering the winning bidder an internal price of return over 60%,” say industry connoisseurs. MCD still holds another option of re-bidding if the authority found the bids unacceptable. 

News Published Under:   Real Estate Developers |

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