Elan group acquires 40-acre land in Gurgaon from Indiabulls for Rs 580 crore
Gurgaon primarily based on Elan Group has acquired 40-acre land from Indiabulls assets for Rs 580 large integer in Sector 106, Dwarka Expressway Gurgaon, in one of all the most important land deals of the country in recent times.
According to the restrictive filing by Indiabulls, the company has divested 100 percent stake in its subsidiaries – Airmid Developers restricted, Mariana Developers restricted, Albina Properties restricted & Flora exploitation restricted, that owns the land parcel.
According to someone tuned in to the deal, Indiabulls has been attempting to dump land parcels it holds in numerous components of the country.
“It may be an accredited land wherever Indiabulls had taken license for residential development in 30-acre and industrial development within the remaining 10-acre. Elan Group is probably going to follow an equivalent model and will not opt for amendment within the land use,” aforementioned the person tuned in to the deal.
The total development potential of the project is around five million square feet.
Elan Group has delivered 3 Projects in Gurgaon and constructing another 5. this may be the company’s 1st residential development because it has delivered over 2 million square feet of commercial area.