In order to construct residential and commercial complexes, the firm stated in January that it had purchased 40 acres of land deal in Gurgaon from Indiabulls Real Estate Ltd (IBREL) for Rs. 580 crores.
Elan Group, a real estate company, announced that it has reached an agreement to purchase 40 acres of property in Gurgaon from Indiabulls Real Estate and will develop projects worth Rs. 10,000 crores there.
The 40-acre plot of land in Gurugram’s Sector 106 has all the necessary permits. Out of that, 10 acres are designated for commercial developments and 30 acres for residential construction.
The land purchase between the Elan group and the IBREL in Sector 106 of the Dwarka Expressway Gurgaon has been completed, according to a statement.
“This project has a profit margin of around Rs. 10,000 crores and a developed area of 8 million square feet. By the fourth quarter of this year, we want to unveil this project, which will include high-end residential and commercial areas,” Director of Elan Group, Akash Kapoor stated.
Lately, Ambience Group sold Elan Group a 7.6 acre premium commercially zoned site in Sector 82 Gurugram. More than 200 crores of rupees were exchanged in this land deal in Gurgaon.
Elan Group intends to construct a one million square foot commercial complex that will include offices, service apartments, hotels, and retail spaces.
IBREL stated in a regulatory filing that the agreement with Elan had been finalized.
To Elan Limited for an aggregate selling value of Rs. 580 crores, the firm sold its whole ownership in its subsidiaries Mariana Developers, Albina Properties, Airmid Developers, and Flora Property Development (which owns the land lot).
