Eldeco Group has purchased 8.5 acres of land in Sector 80 Gurugram for Rs 165 crore through an auction organized by the Haryana State Industrial & Infrastructure Development Corporation (HSIIDC).
Pankaj Bajaj, Chairman and MD of the company, told that the company expects to invest another Rs 400 crore in the construction of an 850,000-square-foot residential property. Eldeco Group intends to begin construction this financial year.
“It is a prime land parcel with an endless view of the Aravali Mountains, making it the ideal project for luxury development.” “We will finish the project in a single phase,” stated Bajaj. The project is expected to generate Rs 1,000 crore in revenue for the company.
Eldeco’s deal was advised by international property expert Knight Frank. “The State government has been conducting auctions frequently and providing opportunities to developers.”
Many prime land parcels have recently been acquired, which will result in an increase in the number of launches in the second half of the fiscal year,” said Mudassir Zaidi, executive director, North, at real estate consultancy Knight Frank India.
HSIIDC recently allocated 43,708 square meters of land to Ashiana Housing for a residential project in Sector 80, Gurgaon.
Adore Group recently purchased 10.20 acres of land in Sector 77 with a Rs 200 crore investment to create a residential complex.
So far, the Eldeco Group has completed 175 projects totaling over 30 million square feet of real estate development.
The approaching festive season is projected to see a record number of housing unit launches in Delhi-NCR, as various developers have acquired land in the last six months in order to meet surging demand for homes.
Among the developers planning debuts in the second half of the year are DLF, Godrej, L&T, TARC, Signature Global, and County Group.
Residential releases in the first half of this year were already more than double the previous year, according to Cushman & Wakefield.
In the first half of the year, 10,963 residential units were introduced in Delhi-NCR, nearly matching the number of units released in 2019.