Four Land Parcels In Gurugram Fetch Rs 500 Crore From Three Developers

Four Land Parcels In Gurugram Fetch Rs 500 Crore From Three Developers

Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) has auctioned four land parcels for residential development in Gurgaon, fetching Rs 500 crore from three developers.

Eldeco purchased 2.7 acres for Rs 110 crore, Trehan Iris acquired two land parcels totaling 5.08 acres for Rs 190 crore, and Conscient secured 5.56 acres for Rs 200 crore.

Haryana Shahari Vikas Pradhikaran (HSVP), the state urban development authority, and HSIIDC have been auctioning prime land for residential development in Gurgaon, with developers lining up for acquisitions, particularly through government bodies, amid record sales in the residential sector.

In the recent past, companies such as Godrej, Experion, M3M, and Trevoc have acquired land, while developers like DLF, TARC, Signature Global, and Anant Raj have lined up launches in Gurgaon.

“Gurgaon has seen some major land acquisitions through government auctions in prime locations. All these land parcels were in Sector 80, which is coming as the next growth area for Gurgaon and will see multiple residential developments,” said Mudassir Zaidi, executive director, North, at real estate consultancy Knight Frank India.

Knight Frank had advised Eldeco and Trehan Iris about the transaction.

“We are in the process of expanding our business and have been carefully strategising our plans. In line with it, we recently participated in an auction in Gurugram and emerged as the winning bidder. We are currently working on the development plan for the plots, to launch a premium residential project soon,” said Aman Trehan, Executive Director, Trehan Iris.

Eldeco Group had earlier acquired 8.5 acres of land for Rs 165 crore in the same sector.

“We plan to develop a luxury group housing project on this land with golf facing 3/4 BHK apartments in unit sizes ranging from 2200-3500 sq ft,” said Pankaj Bajaj, MD, Eldeco Group.

Last year, Conscient Infrastructure acquired a 6.6-acre land parcel for approximately Rs 80 crore.

HSIIDC has recently allotted 43,708 square meters of land for a residential project to Ashiana Housing in Sector 80, Gurgaon.

Recently, Adore Group also acquired 10.20 acres of land in Sector 77 to develop a residential project with an investment of Rs 200 crore.

Delhi-NCR is expected to see a record number of housing unit launches in the next financial year as multiple developers have acquired land in the past six months, seeking to cater to rising demand for homes.

Source : ET

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