DLF is likely to pull out of its Rs 1,000 crore Infopark project in Orissa
owing to growing credit crunch and the fall in the demand for commercial real
estate projects.
The proposed project was to be developed over 54 acre in an approved SEZ for
information technology projects in three phases. It was expected to have an IT
block, a luxury hotel, a retail chain, service apartments and recreational
facilities, with a total built-up space of about 5.5 million sq ft. The company
was likely to invest Rs 300 crore in Phase I for developing an IT workspace of
international standards.
DLF has already paid the entire deposit of Rs 15 lakh per acre for the
project but it will have to forfeit Rs 8 crore in case of withdrawal.
Also See:
Work on DLF's
Infopark to commence by end-January (09-Jan-09)