Gurgaon based Elan Group has acquired 40-acre land from Indiabulls real estate for Rs 580 crore in Sector 106, Dwarka Expressway Gurgaon, in one of the biggest land deal of the country in recent times.
According to the regulatory filing by Indiabulls, company has divested 100% stake in its subsidiaries – Airmid Developers Limited, Mariana Developers Limited, Albina Properties Limited & Flora Land Development Limited, which owns the land parcel.
According to a person aware of the deal, Indiabulls has been trying to sell off land parcels it holds in various parts of the country.
“It is a licensed land where Indiabulls had taken license for residential development in 30-acre and commercial development in the remaining 10-acre. Elan group is likely to follow the same model and will not go for change in the land use,” said the person aware of the deal.
Total development potential of the project is around 5 million sq ft.
Elan group has delivered three projects in Gurgaon and constructing another five. This will be company’s first residential development as it has delivered over 2 million sq ft of commercial space.
As per the regulatory filing, term sheet for the delay is being entered on Tuesday.
“The other definitive agreement(s) shall be executed in due course. Subject to applicable regulatory approvals the transaction is expected to be completed on or before June 30, 2022,” Indiabulls said in the filing.
According to Anarock Property Consultants, developers and other entities have acquired over 1,757 acres of area across the top seven cities between Q3 2020 and November 2021 in 45 separate deals.
Of the total transacted land area, approximately 69% or 1,205 acres of the land are proposed to be developed into multiple residential projects across these cities. The total development potential of these deals works out to at least 45-50 mn sq. ft. of residential area.
Of a total 1,205 acres acquired for residential development in the top seven metro cities over the past one year, NCR currently stands second with a 12% share (approx 150 acres). Moreover, across these seven cities, Gurugram tops in land transactions for other development projects — logistics, and industrial park and township.
Though Mumbai Metropolitan Region’s (MMR) share in total land transaction for residential development is 64% (768 acres), NCR’s share is dominated by Gurugram (77 acres) and Noida (73 acres).
Source : ET