While DLF has decided to sell about 7.5 acres of land in Kolkata and Gurgaon after scrapping plans to build luxury hotels there, Emaar MGF Land is putting on the block about 5.6 acres on Kolkata’s outskirts, four years after buying the land for a whopping Rs 190 crore.
“We are not pursuing hospitality projects aggressively and plan to sell land where we do not see a project coming up on time,” said a senior DLF official with knowledge of the development. However, he refused to comment on the specifics of the proposed land sale.
DLF is said to be in talks with Duet Groups India for the sale of its two-acre plot in Cyber City, Gurgaon. It had secured the Kolkata plot on lease in an auction from the Kolkata Municipal Corporation (KMC) for Rs 155 crore and had plans to build a 16-storey hotel under the Hilton brand at an investment of Rs 900 crore. The hotel was expected to be operational by 2010.
Emaar MGF had also won the land from the Kolkata Metropolitan Development Authority (KMDA) in an auction. It had proposed to build four hotels in and around Kolkata, including three luxury hotels — JW Marriott and Holiday Inn on the EM Bypass and Park Hyatt at Russell Street at an investment of Rs 1,300 crore.
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