Approximately one million square feet of office, retail, service apartments, and a hotel will be built by the Elan Group on this land parcel in Gurugram’s Sector 82.
According to sources, the real estate company Elan Group has purchased a 7.65-acre plot of land from Ambience Group in Gurugram for more than Rs 200 crore in order to build a commercial property as part of its expansion strategy.
The sources state that the government’s statutory obligations and the assumption of certain debt are included in the overall price of more than Rs 200 crore. The spokesman for Elan Group declined to comment over the debt.
How The Land Parcel Is Estimated To Be A Commercial Hub
The Gurugram-based developer paid Indiabulls Real Estate Ltd (IBREL) Rs 580 crore in January to acquire 40 acres of land in Gurugram. The 40-acre land parcel is situated in Sector 106 of Gurugram’s Dwarka Expressway and has all the necessary permits for the construction of residential and commercial developments.
The remaining 10 acres of land will be used for commercial development, leaving about 30 acres for residential construction. With a total development potential of around 5 million square feet, this will be Elan’s first residential project. The two projects would be introduced by the company this year in Gurugram’s Sectors 106 and 82.
How Elan Group Become The Top Commercial Developer In Gurgaon
In Gurugram, Elan Group has so far introduced 8 commercial projects. Five projects are being built, and three have already been completed. One of the city’s top developers of commercial real estate in Gurgaon. After the second wave of the COVID-pandemic, the real estate industry, particularly the residential component, underwent a significant recovery.
This year, from January to June, both residential sales and business space leasing grew year over year. To grow their enterprises, the developers are teaming up with the landowners and purchasing land entirely.