Real Estate

Real Estate Transactions

Elan Group acquires 40 acres in Gurugram for Rs.580-Cr from Indiabulls Real Estate

Economic Times  

In a big-ticket land deal, Elan Group has bought around 40 acres in Gurugram for INR 580 crore from Indiabulls Real Estate to develop housing and commercial projects. Of this, 30 acres is meant for residential development and 10 acres for commercial development. With the purchase of this land parcel, located on Dwarka Expressway, Elan Group will make an entry into the housing segment with the total development potential of around 5 million square feet. Elan Group has so far completed three commercial (office and retail) projects and is currently constructing five commercial projects. The board of Indiabulls Real Estate has recently approved the divestment of 100% stake in its four subsidiaries, which owns the land parcel at Sector 106, Gurugram.