Elan Group announced on Friday that it has completed a deal to purchase 40 acres of property in Gurugram from Indiabulls Actual Property and that it may build projects worth Rs 10,000 crore.
In January, the company announced the purchase of around 40 acres of property in Gurugram from Indiabulls Actual Property Ltd (IBREL) for Rs 580 crore for the development of housing and business projects.
Elan Group Has Completed A Land Deal With IBREL
The 40-acre property tract in Gurugram’s Sector 106 is fully licenced, in which 30 acres are designated for residential development and 10 acres for commercial use.
Elan Group announced in a statement that it had completed the land deal with IBREL in Sector 106, Dwarka Expressway Gurugram.
This project has the potential for 8 million square feet of built-up space and a high line of almost Rs 10,000 crores. We want to launch this venture in the fourth quarter of this year, and we may launch Hi-Finish Residential & Industrial regions,” stated Akash Kapoor, Director, Elan Group.
How Elan Group Planned To Develop A Premium Commercial Space
Elan Group just acquired another premium commercial licenced land of 7.65 acres from Atmosphere Group in Sector 82 Gurugram.
The transaction is valued more than Rs 200 crores. Elan Group is to build a million square feet of commercial space, which will include retail spaces, offices, service apartments, and motels.
IBREL disclosed in a regulatory filing that the company has completed the deal with Elan. In January, 2022, the company sold its entire investment in subsidiaries Airmid Builders, Mariana Builders, Albina Properties, and Flora Land Growth, which owns the land lot to Elan Group for a total of Rs 580 crores sale.