Gurugram-based Elan Group has concluded a major land deal in the country with Indiabulls Real Estate. The 40-acre land in Sector 106, Dwarka Expressway, Gurugram, has been acquired for Rs 580 crore for development of residential and commercial projects.
Commenting on the same, Akash Kapoor, Director, Elan Group, said, “We are proud to share that we completed the transaction well before the time with Indiabulls Real Estate. This project has a potential of 8 million sq. ft. of built-up area and has a top line of around Rs 10000 crores. We are planning to launch this project by the fourth quarter of this year and we’ll be launching Hi-End Residential & Commercial spaces.”
The 40-acre land parcel of Sector 106 Gurugram is strategically located in one of the most prominent locations on Dwarka Expressway which is close-by to the International Airport New Delhi. It is a fully licensed 40-acre land. Out of that 30 acres are meant for residential development and 10 acres for commercial spaces, said the facilitators of the deal, Sachin Bhardwaj & Yukti Bhardwaj.
Recently, the Elan Group has also acquired one more prime commercial licensed land of 7.65 acres from the Ambience Group in Sector 82. Gurugram, The value of the transaction is over Rs 200 crore. The Elan Group is planning to build another one million sq. ft. of commercial project comprising of retail spaces, offices, service apartments & hotel.