Experion Developers’ has purchased three land parcels in the Delhi-NCR for Rs 1,100 crore for new residential and commercial development. Experion Developers is a 100% FDI-funded real estate developer supported by Singapore’s Experion Holdings.
A 4-acre land piece on Gurgaon’s Golf Course Road was purchased for Rs 400 crore, and a second 5-acre parcel in Noida’s sector 45 was purchased for Rs 250 crore. The purchased properties were acquired through government auctions and have been titled for residential construction.
Apart from that, we also purchased a commercial land tract on Golf Course Extension road with a development potential of about 1.1 million square feet. We would spend a further Rs 250 crore on its development after paying Rs 450 crore for the parcel’s acquisition, according to Nagaraju.
The Gurugram and Lucknow markets have been the focus of Experion Holdings Pte Limited, Singapore’s Indian division, a real estate investing division of the $2.5 billion AT Holdings group of enterprises.
The committee of creditors approved the Golf Course Extension road project after voting in our favour. The project will be an office and retail block with a maximum leasable size of 2 million square feet, the executive said.
Experion will invest Rs 700 crore to create around 800,000 square feet at the Golf Course Road project and Rs 700 crore to develop approximately 1 million square feet at the Noida project.
It anticipates earning roughly Rs 3,400 crore from both projects. When we reach our desired level in terms of projects and area, Nagaraju stated, “Our top priority is NCR, after that, we will look for opportunities outside.”
In Andhra Pradesh, Delhi NCR, Goa, Haryana, Maharashtra, Punjab, Tamil Nadu, and Uttar Pradesh, Experion is building townships, group housing projects, commercial landmarks, organised retail locations, hotels, and resorts.
In the last two years, the activity surrounding land purchase has particularly increased. After January 2021, more than half of the entire amount of land acquired in the previous five years was purchased.
According to a report by property consulting firm CBRE, developers and foreign funds spent more than 60% of the funds in Delhi-NCR and Mumbai for land acquisition investments between 2018 and 2022.
Source-ET
