Realty firm Elan group has bought 4 acres of land in Gurugram for about Rs 100 crore to develop a high-end commercial project, a top company official said Thursday.
The Gurugram-based developer plans to launch this commercial project by the end of this year after taking all regulatory approvals from the government authorities, its director Ravish Kapoor said.
This will be the Elan group’s fourth commercial project — all in IT city Gurugram. It is already working on three projects which involve a total cost of about Rs 900 crore.
“We have purchased 4 acres of land at sector 70 in Gurugram for about Rs 100 crore. We will develop a luxury retail/shopping mall project on this land,” Kapoor told .
This land is located on SPR (Southern Peripheral Road) which is considered to be an extension of golf course extension road.
He said the land was bought from a local landlord and the company has applied for regulatory approvals to start this commercial project.
“This project will have a built-up area of an estimated 7 lakh sq ft, comprising retail space and a multiplex,” he said, adding that the company sells its commercial space instead of leasing it.
On the ongoing three commercial projects, Kapoor said two of them would be completed next year and one project in 2020.
The first project ‘Elan Mercado’ is spread over 3 acres with a built-up area of 4.45 lakh sq ft comprising retail area and 168 service apartments, while the second ‘Elan Town Centre‘ has a built-up area of 3 lakh sq ft over two acres of land parcel.
The third project ‘Elan Miracle‘ is spread over 5.9 acres on Dwarka Expressway and comprises 9.8 lakh sq ft retail and office space besides 108 service apartments. Elan group has tied up with PVR group for multiplexes in these three ongoing projects comprising 15 screens in total.
Kapoor said the commercial real estate is doing well as it provides better returns to property buyers in terms of monthly rentals as well as capital appreciation. The introduction of Real Estate Investment Trusts (REITs) has also given a boost to the commercial real estate as this instrument could be used to monetise rent-yielding assets.
Source : TOI
