Gurugram-based Elan Group has acquired around 40 acres of land from Indiabulls Real Estate for Rs 580 crore in Sector 106, Dwarka Expressway in Gurugram. Elan Group said in a statement that the land has a potential of 8 million sq. ft. of built-up area and has a top line of around Rs 10,000 crore.
"We are planning to launch this project by the fourth quarter this year that will have Hi-End Residential & Commercial spaces," said Akash Kapoor, Director, Elan Group.
The group said that of the 40 acres, 30 acres are meant for residential development and 10 acres for commercial spaces.
Indiabulls Real Estate said in a regulatory filing that it closed the deal as part of divestment of its 100 percent stake in its subsidiaries Airmid Developers Limited, Mariana Developers Limited, Albina Properties Limited and Flora Land Development Limited.
"..with the satisfactory completion of closing conditions and transfer of Company’s 100% shareholding/stake in said subsidiaries, the Transaction got concluded on August 25, 2022. With this, Airmid Developers Limited, Mariana Developers Limited, Albina Properties Limited & Flora Land Development Limited ceased to be subsidiaries of the Company w.e.f August 25, 2022," said Indiabulls.
Elan Group recently acquired another commercial licensed land of 7.65 acres from Ambience Group in Sector 82, Gurugram for Rs 200 crore.