Elan group buys 7 acres in Gurgaon from Suncity for Rs 120 cr

Realty firm Elan group has bought 7 acres of land in Gurgaon from Essel group's Suncity Projects for about Rs 120 crore to develop a commercial project.

The company will invest another about Rs 400 crore on construction of this mixed-use commercial project comprising a total developable area of 1.3 million sq ft.

"We have purchased 7 acres of licensed land from Suncity projects on Dwarka Expressway for about Rs 120 crore," Elan Ltd Director Ravish Kapoor told PTI.

The company is planning to launch this project in October, its another director Akash Kapoor said.

The project will have 2 lakh sq ft of office space, 7 lakh sq ft of retail and multiplex, a hotel of about 200 rooms and 350 service apartments, he added.

Elan is currently constructing two commercial projects in Gurgaon comprising total developable area of 8 lakh sq ft.

On the ongoing projects, Ravish Kapoor said the company is developing two commercial projects in Gurgaon.

The first Elan Mercado has 3.5 lakh sq ft of developable area and the second project 'Elan Town Centre' has 4.5 lakh sq ft of area. These two projects would also have multiplexes with 20 screens.

Asked about investment on the two projects, Ravish Kapoor said it would be around Rs 400 crore. The two projects would be completed by end of 2018.

Gurgaon-based Elan group is into the development of residential, commercial and hospitality projects in north India.