Experion Developers has purchased a six-acre land lot in Sector 53 Gurgaon for around Rs 400 crore from the Haryana Shahari Vikas Pradhikaran (HSVP), the state urban development organization.
The department had auctioned off another two-acre plot in Sector 56 for Rs 120 crore to TREVOC (The Real Estate Venture of Chawlas), one of the Spaze group’s three proprietors.
The Haryana State Industrial and Infrastructure Development Corporation (HSIIDC) and HSVP have been auctioning off excellent property in Gurgaon for residential development.
In addition to Experion Developers, Godrej Properties, Eldeco Group, and Ashiana Housing have recently bought land through government auctions.
Experion Developers previously paid Rs 400 crore for a four-acre plot on Golf Course Road Gurgaon and Rs 250 crore for a five-acre tract in Noida Sector 45. It had also purchased a land tract in Sector 48 Gurgaon for over Rs 550 crore. All three plots of land are for residential construction and were obtained through government auctions.
These projects are expected to generate approximately Rs 3,400 crore in revenue for Experion Holdings Pte Ltd, Singapore, a real estate investing arm of the 2.5 billion AT Holdings group of firms.
Experion Developers is responsible for the development of townships, group housing projects, commercial landmarks, organized retail destinations, hotels and resorts in Andhra Pradesh, Delhi-National Capital Region (NCR), Goa, Haryana, Maharashtra, Punjab, Tamil Nadu, and Uttar Pradesh.
Previously, One Group Developers of New Delhi was the victorious bidder in an e-bidding hosted by HSVP for a 3486.17 square m plot in Gurgaon for Rs 57.2 crore.
Godrej Properties was the top bidder for two luxury group housing plots in Gurgaon’s Golf Course Road micro-market. The two primary projects, located across 2.76 and 5.15 acres, will have a total revenue potential of around Rs 3,100 crore.
Eldeco Group purchased 8.5 acres of property in Gurgaon’s Sector 80 in an auction hosted by HSIIDC for Rs 165 crore.
In Financial Year 2023, Delhi-NCR drew 3.8 billion for acquiring 1,760 acres of land across 67 transactions, while Mumbai recorded 73 transactions for acquiring 960 acres for a comparable sum.
Source-ET
