Elan to invest Rs 4,000 crore in developing luxury residential project in Gurgaon
Gurgaon-based Elan group will invest Rs 4,000 crore in developing 8 million sq ft of luxury residential space on Dwarka Expressway, on the 40-acre land parcel it had acquired from Indiabulls Real Estate for Rs 580 crore in January this year.
It is a fully licensed 40 acre land, out of that 30 acre are meant for residential development and 10 acre for commercial spaces.
Global alternative investment Firm PAG has recently invested about $50 million (Rs 425 crore) in the group and the builder will use the proceedings to fund the construction.
PAG is one of the largest Asia-focused investment funds, dealing in segments including private equity, private debt, real estate and hedge funds.
The project will be developed in phases and in the first phase, company will develop around 2.5 million sq ft.
“With the project Elan – ‘The Presidential’ we are entering the residential real estate segment located at the Dwarka Expressway. The project will be developed in three phases, and we are expecting a top line of Rs 10,000 crores from it,” said Ravish Kapoor, Managing Director of Elan Group.
Spread across 30 acres, the project will have approximately 1800 superluxury residences (3,4, 5 BHK and Duplex Penthouses) ranging from Rs 4 – 12 crore.
Elan Group at present has 12 retail and commercial projects across prime locations in Gurugram and New Delhi and a total saleable area of approximately 15 million sq. ft.
The company is scaling up its portfolio of retail and commercial assets.
Earlier, it had bought 7.65 acre of prime commercial land from Ambience Group in sector 82 of Gurgaon.
Elan Group is planning to build another one million sq ft if commercial project comprising of retail spaces, offices, service apartments & hotel.