Elan group has recently acquired a 7.65 Acre of land in Sector 82 from the Ambience group for about rs 200 Cr. The builder will develop one million Sq ft of the commercial project comprising Offices, retail shops, hotels, and service apartments. In less than a month, this is the second land transaction in the micro market.
A few days back, a development platform by DMI Group’s Pardos Real Estate $250-million Investment Fund acquired a 7-acre land in Gurgaon for Rs 180 Crore. “Ambience group is looking to sell off land to raise money. Granter has already put its flagship Vasant Kunj mall on auction, and the Ambience group is trying to raise funds from wherever it can,” said one of the people quoted above.
According to another man, the total worth of the land is over Rs 200 Cr. which also includes all the dues, which will be cleared by Elan Group.
The land acquired by the Elan group is part of the company, and the share of that company has been transferred to the Elan Group. Since This land has a license, almost 30% of the money has gone to clear all the department dues.
Both the Group has declined to comment. Recently, the Elan group acquired 40 acres of land from Indiabulls Real Estate for Rs 580 Cr in Sector 106 Gurgaon, one of the country’s biggest land deals in recent times.
It is increasingly difficult nowadays to acquire land in NCR for the real estate developers with the involvement of lenders, growing legal issues, and high fees levied by some state authorities in the micro markets. The absence of clean title also made it hard for big developers to buy land, said Experts at International Property Consultants.
The vast majority of the new land acquisitions have happened either through bank auctions or by taking over the debt of the developer.
Mumbai-settled Oberoi Realty is likewise in the last phases of gaining a 50acre of land parcel at Gurgaon’s Golf Course Road Extension. A monetary foundation currently owns the land, and Oberoi should assume control over the obligation to get its ownership.
The Max Group has acquired two land Parcels in Noida and is in converses with secure one more in Gurgaon. Noida-based Gaurs Group has acquired a land parcel at Jaypee Greens in Noida for Rs 200 crore to build a luxury group housing complex. Elan Group has delivered three projects in Gurgaon and is constructing five more.