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Elan Group, based in Gurgaon, will invest Rs 4,000 crore in developing 8 million square feet of luxury residential space on the Dwarka Expressway, on a 40-acre land parcel purchased from Indiabulls Real Estate in January for Rs 580 crore.
It is a fully licenced 40-acre property, with 30 acres reserved for residential development and 10 acres set aside for commercial use.
PAG, a global alternative investment firm, recently invested approximately $50 million (Rs 425 crore) in the group, and the proceeds will be used to fund the construction.
PAG is one of the largest Asia-focused investment funds, specializing in private equity, private debt, real estate, and hedge funds.
The project will be developed in phases, with the first phase encompassing approximately 2.5 million square feet.
“With the Elan, – ‘The Presidential’ project, we are entering the residential real estate segment along the Dwarka Expressway.” The project will be developed in three phases, with a top line of Rs 10,000 crores expected, according to Ravish Kapoor, Managing Director of Elan Group.
The project will cover 30 acres and will include approximately 1800 super luxury residences (3,4,5 BHK and duplex penthouses) priced between Rs 4 and 12 crores.
Elan Group currently has 12 retail and commercial projects in prime locations in Gurugram and New Delhi, with a total saleable area of about 15 million square feet.
The company is expanding its retail and commercial asset portfolio. Previously, it purchased 7.65 acres of prime commercial land in Gurgaon’s Sector 82 from Ambience Group.
Elan Group intends to construct another one million square feet of commercial space, which will include retail spaces, offices, service apartments, and a hotel.
Source- The Economic Times