Elan Group: Elan to invest Rs 4,000 crore in developing luxury residential project in Gurgaon | Tech Reddy

Gurgaon-based Elan Group will invest Rs 4,000 crore to develop 8 million sq ft of luxury residential space on Dwarka Expressway, having acquired 40 acres of land for Rs 580 crore from Indiabulls Real Estate in January this year.

It is a fully licensed 40 acres of land, of which 30 acres is for residential development and 10 acres for commercial space.

Global alternative investment firm PAG recently invested around $50 million (Rs 425 crore) in the group and the developer will use the process to fund construction.

PAG is one of the largest Asia-focused investment funds, operating in segments including private equity, private debt, real estate and hedge funds. The project will be developed in phases and in the first phase, the company will develop around 2.5 million sq.ft.

“With Elan – ‘The Presidential’ project we are entering the residential real estate segment located on the Dwarka Expressway. The project will be built in three phases, and we expect a top line of Rs 10,000 crore from it,” said Ravish Kapoor, Managing Director, Elan Group.

Spread across 30 acres, the project will have approximately 1800 superluxury residences (3,4, 5 BHK and duplex penthouses) ranging from Rs 4 – 12 crores.

Elan Group currently has 12 retail and commercial projects in prime locations in Gurugram and New Delhi with a total salable area of ​​approximately 15 million sq.ft.

The company is growing its portfolio of retail and commercial assets.

Earlier, it bought 7.65 acres of prime commercial land from Ambience Group in Sector 82 of Gurgaon.

Elan Group plans to build another million square feet of commercial projects comprising retail space, offices, serviced apartments and hotels.