DLF has sold around nine acres of land in Sector 74A, Gurugram, to American Express for Rs 300 crore. The deal, which comes around Rs 32 crore per acre, is the costliest transaction in the neighbourhood that is about 16 km away from DLF Cyber City. American Express will develop a large campus on this land parcel, which is located in Sector 74A, also known as New Gurugram, they added. The US-based global service company plans to move most of its offices to a single location, according to officials.

Currently, American Express has leased about one million square feet for its various workspaces in Gurugram. “The new location will be our first owned facility in India and shows our continued commitment to the market,” said Bhumesh Gaur, vice president for global real estate and workplace experience at American Express.

The new campus in Sector 74A, Southern Peripheral Road near DLF Corporate Greens, will be developed in the next three-four years, Gaur said. In the first phase, American Express plans to build about one million square feet by 2022 at the property that has total potential to build about 2.5 million square feet, officials said.

DLF’s MD (Rental Business) Sriram Khattar and DLF group CFO Ashok Tyagi have confirmed the development. Sriram Khattar, managing director at DLF Rental Business, said American Express is one of the real estate developer’s oldest lease clients. “Amex’s first ever land acquisition investment in Gurugram is a reaffirmation of Gurugram being the preferred destination for Fortune 500 companies,” he said. “This transaction creates a benchmark of value of the land in the area around Southern Peripheral Road (SPR) and NH-8 where the Haryana government has made a lot of effort to develop infrastructure,” he added.

DLF has a land bank of about 120 acres earmarked for commercial development in this region that is expected to be the next business destination in Gurugram, according to Khattar. The company has plans to develop over 25 million square feet here, making it a new nerve centre of Gurugram on the lines of DLF Cybercity, which is about 15 million square feet.  Khattar said the company would extend all help to the government for the development of New Gurugram as it did for Gurugram. DLF is already developing a number of projects in this part of the IT city.

Sources:

https://realty.economictimes.indiatimes.com/news/industry/dlf-sells-nine-acre-land-to-american-express-for-rs-300-crore/71142807

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