Elan Group buys 40 acre from Indiabulls Real Estate

New Delhi: In a big-ticket land deal, Elan Group has bought around 40-acre land in Gurugram for Rs 580 crore from Indiabulls Real Estate to develop housing and commercial projects. 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 five million square feet.

Elan Group has so far completed three commercial (office and retail) projects and is currently constructing five commercial projects. According to sources, Elan Group has bought around 40 acres of licensed land, of which 30 acres is meant for residential development and 10 acres for commercial projects.

Sources said, Elan Group has already made the advance payment to Indiabulls Real Estate Ltd and the deal will be concluded in the next few months. On Tuesday, Indiabulls Real Estate informed through a regulatory filing that its board has approved the divestment of 100 per cent stake in its four subsidiaries, which owns the land parcel at Sector 106, Gurugram. The term sheet was signed on Tuesday. The definitive agreement would be executed in due course, Indiabulls said.