Experion Developers has acquired a 7.81-acre plot at Dwarka Expressway in Gurugram for Rs 400 crore to capitalise on the flourishing market for premium residential properties. It plans to invest an additional Rs 2,000 crore to build 3 million sq ft of luxury homes in the new land parcel.
The wholly owned Indian subsidiary of Singapore’s Experion Holdings Pte Ltd had in the last one-and-a-half years acquired five plots worth Rs 2,100 crore, mainly in Gurugram, where it is in the process of launching new projects.
“The land is in Sector 88A Gurugram and we are expected to launch the project in this financial year. We are expecting Rs 3,700 crore revenue from the project,” said BK Malagi, COO at Experion Developers.
The company’s recent acquisitions include a 4-acre plot on Golf Course Road in Gurugram purchased for Rs 400 crore, a 5-acre parcel in Noida’s Sector 45 acquired for about Rs 250 crore, a 5.5-acre parcel in Gurugram’s Sector 48 for about Rs 550 crore, a 6-acre land parcel in Gurugram’s Sector 53 for Rs 450 crore, and a commercial plot at Golf Course Extension Road, Gurugram through the insolvency process for Rs 450 crore.
Experion has launched a luxury residential project in Noida offering 320 3- and 4-BHK residences at a starting price of Rs 4.97 crore.
Source : ET
