Elan Group, based in Gurgaon, has purchased 40 acres of property in Sector 106, Elan Sector 106 Gurgaon on Dwarka Expressway, from Indiabulls Real Estate for Rs 580 crore, in one of the country’s largest land deals in recent years.
According to Indiabulls’ regulatory filing, the business has divested 100 percent of its land parcel subsidiaries, Airmid Developers Limited, Mariana Developers Limited, Albina Properties Limited, and Flora Land Development Limited.
According to a source familiar with the matter, Indiabulls has been attempting to sell off land tracts it owns around the country.
“It’s a licensed land where Indiabulls has a 30-acre residential development license and a 10-acre commercial development license.” According to the regulatory filing, the term sheet for the postponement will be entered on Tuesday.
“The other definitive agreement(s) will be completed as soon as possible.” The deal is scheduled to close on or about June 30, 2022, subject to appropriate regulatory clearances,” Indiabulls stated in the filing.
Between Q3 2020 and November 2021, developers and other groups purchased approximately 1,757 acres of land across the top seven cities in 45 separate agreements, according to Anarock Property Consultants.
Approximately 69 percent of the entire transacted land area, or 1,205 acres, is scheduled to be developed into several residential developments across these cities. These deals have a combined development potential of at least 45-50 million square feet of residential space.
Elan Group, based in Gurgaon, has paid Rs 580 crore to Indiabulls Real Estate for 40 acres of land in Sector 106, Dwarka Expressway Gurgaon, in one of the country’s largest land acquisitions in recent years.
Godrej Properties, Sunteck Realty, Ashiana Housing, Mahindra LifeSpaces, M3M Group, and Runwal Developers are the leading developers who have purchased land tracts for residential developments.
NCR presently ranks second with a 12 percent share of 1,205 acres bought for residential construction in the top seven metro cities over the past year (approx 150 acres). In addition, Gurugram leads the seven towns in land transactions for other development projects such as logistics, industrial parks, and townships.
Though the Mumbai Metropolitan Region (MMR) has a 64 percent (768 acres) share of overall land transactions for residential construction, the NCR’s portion is led by Gurugram (77 acres) and Noida (73 acres).