Elan Group Completes 40Acre Land Deal, In Gurugram; Eyes Rs 10k Cr Revenue

Realty firm Elan Group on Friday said it has concluded a deal to buy 40 acres land in Gurugram from Indiabulls Real Estate and will build projects worth Rs 10,000 crore. In January, the company had announced purchase of around 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore for the development of housing and commercial projects.

The 40 acre land parcel at Sector 106 in Gurugram is fully licensed. Out of that, 30 acres are meant for residential development and 10 acres for commercial projects. Elan group in a statement said it has concluded the land deal with the IBREL in Sector 106, Dwarka Expressway Gurugram.

"This project has a potential of 8 Million Sq. ft. of built up area and has a top line of around Rs 10,000 crores. We are planning to launch this project by the fourth quarter of this year and we will be launching Hi-End Residential & Commercial spaces," said Akash Kapoor - Director , Elan Group. Recently Elan Group also acquired one more prime commercial licensed land of 7.65 acres from Ambience Group in Sector 82 Gurugram.

The value of the transaction is over Rs 200 crores. Elan Group is planning to build one million square feet of commercial project comprising of retail spaces, offices, service apartments and hotel. In a regulatory filing, IBREL informed that the company has concluded the deal with Elan. In January, the company had divested its 100% stake in subsidiaries namely Airmid Developers, Mariana Developers, Albina Properties and Flora Land Development (which owns the land parcel) to Elan Limited at an aggregate sale consideration of Rs 580 crores.

(PTI)