Elan Group buys 7.65-acre land in Gurugram from Ambience group for over Rs 200 crore
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by Axiom Landbase
- August 19, 2022
- Market Updates
- 0
The real estate company Elan Group has purchased a 7.65-acre plot of land from Ambience Group in Gurugram for more than Rs. 200 crores in order to build a commercial property as part of its expansion strategy. Approximately one million square feet of office, retail, service apartments, and a hotel will be built by the business on this landin Gurugram’s Sector 82. The sources state that the government’s statutory obligations and the assumption of certain debt are included in the overall price of more than Rs. 200 crores.
The Gurugram-based developer paid Indiabulls Real Estate Ltd (IBREL) Rs. 580 crore in January to acquire 40 acres of land in Gurugram.The 40-acre property, which is situated in Sector 106 of Gurugram’s Dwarka Expressway, has all the necessary permits for the construction of residential and commercial developments. The remaining 10 acres of land will be used for commercial development, leaving about 30 acres for residential construction. With a total development potential of around 5 million square feet, this will be Elan’s first residential project. The two projects would be introduced by the company this year in Gurugram’s Sectors 106 and 82.
In Gurugram, Elan Group has so far introduced 8 commercial projects. Five projects are being built, and three have already been completed. After the financial crisis, the real estate industry, particularly the residential component, has seen a significant recovery.
Elan is considered as one of the city’s top developers of commercial real estate.After the second wave of the COVID-pandemic broke out, the real estate industry, particularly the residential component, underwent a significant recovery. To grow the enterprises, the developers are teaming up with the landowners and purchasing land entirely.This year, from January to June, both residential sales and business space leasing grew year over year. To grow their enterprises, the developers are teaming up with the landowners and purchasing land entirely.
