Elan Group will invest Rs 4,000 crore to develop its first housing project on Dwarka Expressway in Gurugram. In January, the group bought 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore for the development of housing and commercial projects on the Dwarka Expressway.
Elan Group has launched its project ‘The Presidential’ comprising 1,800 superluxury apartments, the company said. The company will develop this project in three phases. In the first phase, the company launched 728 apartments in a price range of Rs 4–12 crore. Elan Group will invest about Rs 4,000 crores in developing the project and expects sales revenue of Rs 10,000 crore from it.
Ravish Kapoor, Managing Director of Elan Group said, “We are excited to enter the residential real estate segment with the launch of this superluxury project.” Elan Group at present has 12 retail and commercial projects across prime locations in Gurugram and New Delhi and a total saleable area of about 15 mn sq ft.
In August, Elan Group received over USD 50 million (about Rs 425 crore) from PAG to fund the development of their upcoming projects. 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.
Besides land acquisition from IBREL, it acquired another prime commercial land parcel of 7.65 acres from Ambience Group in Sector 82, Gurugram for over Rs 200 crore. Housing sales in Gurugram jumped more than three-fold on an annual basis to 24,482 units during January-September this year on higher demand for residential properties across all price categories — affordable, mid-income and luxury, according to Anarock. Housing sales in Gurugram stood at 7,725 units in the year-ago period.