Elan Group acquired land sprawling over 40 acres for Rs.580 crore from Indiabulls in sector 106, Gurgaon.
As per the regulatory filing by Indiabulls, the realty giant has divested 100% share in its subsidiaries, including Airmid Developers Limited, Albina properties limited, Mariana Developers limited & Flora Land Development Limited.
According to the source, Indiabulls is doing its best to sell land it holds in different parts of the country. As per the source, ” It is a licensed land where Indiabulls had taken license for residential development in 30 acres and commercial development in the remaining 10 acres. Elan Group is likely to follow the same model and will not for the change in the land use”.
5 million sq ft is the total development potential of this project. The Elan Group already has three projects in Gurgaon, and the construction is in full swing for another five. It will be the first residential development as the Group has developed around 2 million sq ft of commercial space.
Indiabulls in the filing said, ” The other definitive agreement shall be executed in due course. Subject to applicable regulatory approvals, the transaction is expected to be completed on or before 30 June 2022″.
If we go by Anarock report, the 1757 acres of the area have been acquired across the top seven cities in 45 separate deals. From this total transactional area, 1205 acres are proposed to be developed into multiple projects across these cities. If we consider the total development potential of such deals, 45-50mn sqft of residential development, Godrej properties, Ashiana housing, Mahindra LifeSpaces, M3M Group, Sunteck Realty properties are the leading developers who purchased land for residential development. From total land acquired for residential development over the past year in the top seven metro cities, NCR is in the second position with a 12% share (approx 150 acres). Gurgaon leads land transactions for development projects, including industrial parks, logistics, and townships.
If we look at Mumbai Metropolitan Region share, NCR’s share is led by Gurugram and Noida with 77 acres and 73 acres, respectively.
