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Elan Group has bought around 40-acre land in Gurgaon for 580 crore from Indiabulls Real Estate to develop housing and commercial projects, news agency Press Trust of India reported. This land parcel, located on Dwarka Expressway, will help Gurgaon-based Elan Group make an entry into the housing segment with the total development potential of around 5 million square feet, the report said. 

Elan Group has so far completed three commercial (office and retail) projects and is currently constructing five commercial projects.

The Press Trust of India report, citing sources, said Elan Group has bought around 40 acres of licensed land, of which 30 acres is meant for residential development and 10 acres for commercial projects.

In a regulatory filing on Tuesday, Indiabulls Real Estate its board has approved the divestment of 100 per cent stake in its four subsidiaries, which owns the land parcel at Sector 106, Gurugram.

The board of directors approved “divestment of company’s 100% stake in its subsidiaries namely Airmid Developers Limited, Mariana Developers Limited, Albina Properties Limited & Flora Land Development Limited, which owns the land parcel at Village Pawala Khusrupur, Sector 106, Tehsil and District Gurugram, Haryana," Indiabulls Real Estate said in the filing. 

"The aggregate sale consideration for the transaction is 580 crore, subjected to necessary adjustments," the filing had said.

This land deal has come at a time when most of the real estate developers are adopting asset-light models and forming joint ventures with land owners.

In the last 15 years, the Delhi-NCR market has witnessed many big-ticket land deals.

In February 2020, Godrej Properties acquired a nearly 27-acre land parcel in the national capital for 1,359 crore to develop a luxury housing project. The land parcel belonged to Rail Land Development Authority (RLDA).

In 2018, realty major DLF bought 11.76-acre land parcel for nearly 1,500 crore through an e-auction conducted by the Haryana government.

In December 2014, M3M group had bought 185-acre land in Gurugram from Sahara group for 1,211 crore. This land deal got closed in April 2016. (With Agency Inputs)

 

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