The company has secured a second round of funding from PAG. In August this year, it had raised USD 50 million from PAG.
Spread across 30 acres, the project will have approximately 1,800 super luxury residences comprising 3,4,5 BHKs and duplex penthouses ranging from approximately Rs 4 crore to Rs 12 crore.
Gurugram-based Elan Group has bought two land parcels this year to expand its commercial real estate business and make a foray into the luxury residential segment.
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.
The Gurugram-based developer plans to launch this commercial project by the end of this year after taking all regulatory approvals from the government authorities, its director Ravish Kapoor said.
Both the parties had initiated multiple legal proceedings against each other under both civil and criminal laws.
Elan group had bought 7 acres of land last year for about Rs 120 crore to develop a mixed-use project comprising 1.5 million sq ft of built up area.
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.