DLF nixes mall plans, offloads Bangalore property
DLF has sold its 15-acre property in a posh Bangalore suburb after plunging footfalls and poor margins nixed the company’s for a large-scale mall in the locality. The firm sold the land in Whitefield, to NetApp India for Rs 120 crore.
“The firm has decided not to go ahead with the mall project. It had earlier planned to build a retail mall on this particular land parcel, but has now decided to hive it off,” said an official privy to the development.
The move once again highlights the Gurgaon-based company’s travails in the southern states. DLF has had a run in with the two states of Karnataka and Tamil Nadu where it announced projects in the heady days of 2006-07. The developer has pulled out of the Bidadi Knowledge City project, estimated to cost a whopping Rs 60,000 crore last year citing difficult market conditions. With the project failing to take off, the Karnataka government returned Rs 400 crore on May day last year to DLF.
More : economictimes.indiatimes.com