Elan Group acquires 40-acre land in Gurugram for Rs 580 cr. from Indiabulls
Gurugram-based Elan Group has completed a significant land deal with Indiabulls Real Estate. 40-acre plot of land was purchased for the construction of residential and commercial developmentsin Sector 106 of the Dwarka Expressway Gurugram for total amount of Rs. 580 crores. Akash Kapoor, Director of Elan Group, commented on the situation that, “The company is elated to share that they havefinalized the transaction with Indiabulls Real Estate far before the time. This project has a top line of roughly Rs 10,000 crores and a built-up size of 8 million square feet. By the fourth quarter of this year, the company hopes to debut this project, which will include both high-end residential and commercial areas.”
The 40-acre land parcel in Sector 106 Gurugram is well situated on the Dwarka Expressway, adjacent to the New Delhi International Airport, in one of the most famous places. This 40-acre land is entirely authorized. According to the deal’s facilitators, Sachin & Yukti Bhardwaj, 30 acres of this land will be used for residential development and 10 acres for commercial areas. The Ambience Group has sold the Elan Group another prime commercially licensed land parcel of 7.65 acresin Sector, Gurugram. The transaction is worth more than Rs 200 crore. The Elan Group intends to construct a further one million square foot commercial project that will include a hotel, offices, service apartments, and retail spaces.