gurugram real estate major dlf has snapped up an 11acre commercial plot in udyog vihar the office hub opposite cyber city in gurugram for a record rs 1496 crore the price is the highest any government agency in haryana has received through an auction and is more than double the reserve price set for itfor the cashstrapped haryana haryana state industrial and infrastructure development corporation hsiidc which put the plot at vanijya nikunj in udyog vihar phase 5 on the block this single deal is equivalent to 10 of the total amount it has to repay banks on account of loans taken by it since the area has been notified for transitoriented development tod that allows a real estate developer to purchase higher far floor area ratio which in simple terms means more floors and a bigger builtup area than what is usually permitted dlf will have to pay an additional rs 143 crore as statutory tod charges besides registration fee estimated at rs 104 crore to the revenue departmenta senior government official in chandigarh who did not wish to be named said the auction price is going to put gurugram once again in global news skyrocketing prices of land stands testimony to growing economic fortunes of the city the official said other than dlf major companies like spicejet limited emaar india tata realty and infra bharti realty central park jll ambience cbre gmr and indiabulls real estate had participated in the prebid meetinghsiidc owes almost rs 14000 crore in loans across several branches of 18 banks sources in the industry agency said the reserve price for the land was set at rs 676 crore considering far as 175 up to 350 far is allowed in a tod zone an official said adding dlf could buy additional far for the vanijya nikunj plot if it wishes to toi had earlier reported that hsiidc was in the process of auctioning multiple industrial plots across the state to generate cash more than 1300 such plots have been put on sale by hsiidc of these two plots were in gurugram the most prime location the other plot in the city a 20acre parcel off dwarka expressway carved from land for the global city project has not however found any takersin october 2017 huda had auctioned a 10acre plot for rs 884 crore to multinational lifestyle and furniture giant ikea before that it had sold a 7820squaremetre 2 acre plot to carmaker hyundai in november 2016 for rs 20588 crorehsiidc managing director raja shekhar vundru said the deal will augment the corporations efforts to ensure a steady revenue stream this will be a new phase in gurugrams redevelopment he said adding that for the first time 50 of the payment will be made within 60 days weve planned more auctions across the city in the next few months this deal should trigger the real estate market and help revive business sentiment in the city he addedmanaging director of dlf home developers devinder