In one of the biggest land deals in the country in recent times, Gurgaon-based developer Elan Group has acquired 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore.
Located at Sector 106, Dwarka Expressway, Gurugram, the 40-acre land parcel is fully licensed for the development of housing and commercial projects. About 30 acres of land is meant for residential development and the rest 10 acres for commercial development, according to sources.
In a regulatory filing, IBREL said the board has approved the divestment of 100 per cent stake in its four subsidiaries which own the land parcel at Sector 106, Gurugram. The term sheet has been entered into on Tuesday. The definitive agreement would be executed in due course.
”The aggregate sale consideration for the transaction is Rs 580 crore, subjected to necessary adjustments,” IBREL said.
As per the sources, the advance payment has already been made to purchase the land.
Elan Group till date has launched 8 commercial and retail projects in Gurugram. Three projects have been delivered and five are under construction. This will be Elan’s first residential project with the total development potential of around 5 million sq ft.
In 2021, the Elan Group launched Elan Paradise, a luxury retail project, and Elan Empire, a mix of retail and commercial, both located in Gurugram.