Gurgaon-based developer Elan Group has raised Rs250 crore from Piramal Finance to support construction of a major commercial project in the city, according to sources familiar with the transaction. The funding will help expedite work on a project spanning over one million sq ft.
This financial boost comes on the heels of a Rs1,200 crore investment from Kotak Real Estate Fund last year, and follows Elan’s Rs900 crore fundraise in 2022 from global alternative investment firm PAG. Together, the capital infusions mark a robust trajectory for the developer’s growth in the region.
While Elan Group has not commented on the development, reports suggest that CBRE acted as the transaction advisor. The funds are expected to accelerate timelines across Elan’s portfolio, which includes 15 projects across residential, retail, commercial, and hospitality segments, offering a collective built-up area of 25 million sq ft across Gurgaon and New Delhi.
Elan Group has also awarded Rs2,000 crore worth of construction contracts to Leighton Asia for two of its marquee luxury ventures—Elan The Presidential, a residential development in Sector 106 on Dwarka Expressway, and Elan Imperial, a commercial development in Sector 82, Gurgaon.
The company entered the luxury residential segment in 2022 with the launch of Elan The Presidential, further diversifying its presence across high-value real estate.
