DLF to invest Rs 3,500 cr in next 4 yrs on housing project in Gurugram

Realty major DLF will invest around Rs 3,500 crore over the next four years to construct a new luxury housing project in Gurugram as its seeks to tap strong demand for residential properties. DLF will develop a new group housing project 'The Arbour', which is spread over 25 acre and comprises 5 towers with a total of 1,137 premium apartments. DLF, the country's largest real estate firm in terms of market cap, sold all 1,137 units, each costing Rs 7 crore and above, for over Rs 8,000 crore within 3 days (February 15-17). In an interview with PTI, DLF Ltd CEO Ashok Tyagi said, "We will develop around 4.5 lakh square feet area in this new project." Asked about the construction cost, he said it will be between Rs 7,000-8,000 per square feet given the amenities promised in this luxury project. Tyagi said the overall construction cost has shot up due to increase in prices of key materials like cement and steel. The total construction cost will be around Rs 3,500 crore over the next fou

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