Realty company Eldeco Group has acquired 8.5 acres of land for Rs 165 crore in Gurgaon’s Sector 80 through an auction held by the Haryana State Industrial & Infrastructure Development Corporation (HSIIDC).
The company plans to invest another Rs 400 crore in the construction of an 850,000-square-foot residential development, Pankaj Bajaj, Chairman and Managing Director of the company, told ET.
Eldeco plans to start construction within this financial year.
“It is a prime land parcel with an uninterrupted view of Aravali, making it the right project for luxury development. We will complete the project in one phase,” said Bajaj.
The company expects Rs 1,000 crore in revenue from the project.
International property consultant Knight Frank was the advisor for Eldeco in the transaction.
“The Haryana government has been quite actively conducting auctions, giving opportunities to developers. Many land parcels in prime locations have been acquired recently, and this will lead to an increase in the number of launches in the second half of the financial year,” said Mudassir Zaidi, executive director, North, at real estate consultancy Knight Frank India.
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.
The Eldeco Group has so far delivered 175 projects totaling about 30 million square feet of real estate development.
Delhi-NCR is expected to see a record number of housing unit launches around the upcoming festive season as multiple developers have acquired land in the past six months, seeking to cater to rising demand for homes.
According to Cushman & Wakefield, residential launches in the first half were already more than double the previous year.
In the first half of the year, 10,963 residential units were launched in Delhi-NCR, which is almost the same number of units launched in 2019, which was 11,643.