Experion Developers, a 100% FDI-funded real estate developer backed by Singapore’s Experion Holdings Pte. Ltd., has acquired a land parcel in Gurgaon’s Sector 48, through a government auction valued at approximately Rs 550 crore.
The 5.5-acre land was auctioned by the Haryana Shahari Vikas Pradhikaran (HSVP).
This is the fourth acquisition by the company in recent months.
“This land will be used for developing a luxury residential project. This acquisition marks a significant milestone for the company and showcases its commitment to India’s real estate market and growth story,” said Nagaraju Routhu, CEO, Experion Developers.
The company has earlier acquired 4-acre land at Gurgaon’s Golf Course Road for Rs 400 crore and another 5-acre plot in Noida Sector 45 for Rs 250 crore.
Both land parcels are for residential development and have been acquired through government auctions.
The Indian arm of Experion Holdings Pte Ltd, Singapore, a real estate investing arm of the $2.5 billion AT Holdings group of companies, will invest Rs 700 crore on the Golf Course Road project to develop around 800,000 sq ft and around Rs 700 crore in Noida to develop about one million sq ft.
It is expecting revenues of about Rs 3,400 crore from both projects.
Experion is developing townships, group-housing projects, commercial landmarks, organised retail destinations, hotels, and resorts across Andhra Pradesh, Delhi NCR, Goa, Haryana, Maharashtra, Punjab, Tamil Nadu, and Uttar Pradesh.
Delhi-NCR attracts $3.8 billion to acquire 1760 acres of land spread across 67 deals, while Mumbai witnesses 73 deals to acquire 960 acres for the same amount.
Bangalore and Hyderabad were other prominent cities that captured 9% and 7% of the total investments made in land acquisitions, respectively.
Recently, Experion Capital, Singapore-based AT Capital’s real estate- and infrastructure-focused non-banking financial company, made its debut investment in India by providing Rs 200 crore as project finance for Vatika Group’s luxury residential project in Gurgaon.
Source : ET
