Gurgaon-headquartered Elan Group has announced the launch of its first residential project, Elan – The Presidential – at Sector 106, Dwarka Expressway, Gurgaon. The super luxury project will be the first residential project in the Elan Group’s portfolio after successfully developing various retail and commercial projects across Gurgaon.
The Elan Group will invest close to Rs 4,000 crore in developing the project and expects sales revenue of Rs 10,000 crore from it. Spread across 30 acres, the project will have approx. 1800 super luxury residences (3, 4, 5 BHK and Duplex Penthouses) ranging from approximately Rs 4 to Rs 12 crore. The project is planned to be developed in three phases, out of which in phase one, the Elan Group has launched 728 residencies.
Commenting on the launch, Ravish Kapoor, Managing Director of Elan Group, said, “We are excited to enter the residential real estate segment with the launch of our super luxury project, Elan – ‘The Presidential’ located at the Dwarka Expressway. The project will be developed in three phases, and we are expecting a top line of Rs 10,000 crore from it. We are hopeful that our project will set new benchmarks in the super luxury segment in the NCR.”
The Elan Group at present has 12 retail and commercial projects across prime locations in Gurugram and New Delhi, and a total saleable area of approximately 15 million sq ft. Earlier this year, in August, the Elan Group received over $50 million (about Rs 425 crore) from PAG.