Gurgaon based real estate developers Conscient Infrastructure has acquired 6.6 acre land for around Rs 80 crore, two persons aware of the development said.
Apart from doing projects separately, Conscient Infrastructure has partnered with Hines, the international real estate firm for a project in Gurgaon.
The land parcel has a development potential of more than one million sq ft and the company will develop a residential group housing project.
The capital markets team of Cushman & Wakefield facilitated the transaction for Conscient Infrastructure, which has a portfolio spanning across residential, commercial, retail and value housing.
The land has strategic value as the area has a direct connectivity from present NH8 and upcoming connectivity from the Extension Road connection.
“Gurugram market is currently seeing a bullish run and this deal will help the developer to fully leverage it. The market has some of the biggest and premium office spaces and luxurious residential apartments and retail destinations of NCR,” said Hardeep Lamba, Managing Director, Land & Capital Markets, North & East India.
However the decision to partner with Hines bas not been taken yet.
Hines and Conscient have previously partnered in 2019 to develop Project Elevate at Golf Course Road (extension) in Gurugram, India. Project Elevate has registered a total sale turnover of over Rs1,100 crore (USD140 million).
Earlier, Gurgaon-based Elan Group has acquired a 7.65 acre land parcel for about Rs 200 croreat Sector 82.
Pardos Real Estate, a development platform by the DMI Group’s $250-million Alternative Investment Fund, had acquired a 7-acre land parcel in Gurgaon for about Rs 180 crore.
India’s top 8 cities closed at least 68 land deals accounting for 1,656 acres in the first nine months of 2022, compared with 20 deals during the same period last year, as developers rushed to acquire land on the back of increased demand for housing, as per a study by a leading property consultant.
Source : ET