Elan Group buys 7.65 acre land in Gurugram from Ambience group for over Rs 200 crore

Representative Image (Reuters)

Realty firm Elan Group has acquired 7.65-acre land from Ambience group in Gurugram for over Rs 200 crore to develop a commercial project as part of its expansion plan, according to sources.

The company will develop about one million square feet area on this land parcel -- located at Sector 82 in Gurugram -- comprising office, retail, service apartments and a hotel.

As per the sources, the total consideration of over Rs 200 crore includes statutory dues to the government and take over of some debt. Elan Group's spokesperson declined to comment.

In January, the Gurugram-based developer acquired 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore. Located at Sector 106, Dwarka Expressway, Gurugram, the 40-acre land parcel is fully licensed for the development of housing and commercial projects. About 30 acres of land is meant for residential development and the rest 10 acres for commercial development..

This will be Elan's first residential project with a total development potential of around 5 million sq ft. The company intends to launch the two projects in Sector 106 and Sector 82 of Gurugram this year.

Elan Group to date has launched 8 commercial projects in Gurugram. Three projects have been delivered and five are under construction. It is one of the leading commercial real estate developers in the city. The real estate sector has witnessed a strong revival, especially the residential segment, after the outbreak of the second wave of the COVID-pandemic. Housing sales, as well as leasing of commercial spaces, have increased year on year in the January-June period this year.

The developers are buying land outright and also partnering with the landowners to expand their businesses.