Gurgaon based Elan Group has concluded land transaction of 40-acre for Rs 580 crore in Sector 106, Dwarka Expressway Gurugram with Indiabulls Real Estate, one of the biggest land deal in the country.
According to the regulatory filing by Indiabulls, in January this year, the company had divested 100% stake in its subsidiaries – Airmid Developers Limited, Mariana Developers Limited, Albina Properties Limited & Flora Land Development Limited. These units together owned the land parcel.
“We are proud to share that we have completed the transaction well before time with Indiabulls Real Estate. This project has a potential of 8 million sq ft of built up area and has a top line of around Rs 10,000 crore. We are planning to launch this project by forth quarter this year and we’ll be launching high end residential and commercial space,” said Akash Kapoor, Director, Elan Group.
The 40 acre land parcel at sector 106 Gurugram is strategically located in one of the most prominent location on Dwarka Expressway which is close-by to the International Airport New Delhi.
It is a fully licensed 40 acre land, out of that 30 acre are meant for residential development and 10 acre for commercial spaces. The deal was facilitated by Sachin Bhardwaj and Yukti Bhardwaj.
“In furtherance to intimation dated January 25, 2022 in respect of divestment of Company’s 100%stake in its subsidiaries, please be informed that with the satisfactory completion of closing conditions and transfer of company’s 100% shareholding/stake in said subsidiaries, the Transaction got concluded on August 25, 2022,” Indiabulls real estate said in a regulatory filing.
Recently Elan group has also acquired one more prime commercial licensed land of 7.65 acre from Ambience Group in Sector 82 Gurugram.
The value of the transaction is over Rs 200 crore.
Elan Group is planning to build another one million sq ft if commercial project comprising of retail spaces, offices, service apartments & hotel.
Source : ET