Gurgaon-based developer Elan Group has secured Rs 2.5 billion from Piramal Finance to accelerate the construction of a major commercial project spanning over one million square feet, sources familiar with the matter said.

This latest infusion follows a Rs 12 billion investment from Kotak Real Estate Fund in 2023, and Rs 9 billion raised in 2022 from global alternative investment firm PAG. These investments reflect Elan’s strong growth momentum in the region.

While Elan Group has not commented publicly, sources indicated that CBRE acted as the transaction advisor. The capital will help expedite timelines across Elan’s expanding portfolio, which includes 15 projects across residential, retail, commercial, and hospitality segments. Together, these developments amount to over 25 million square feet across Gurgaon and New Delhi.

Elan has also awarded construction contracts worth Rs 20 billion to Leighton Asia for two flagship luxury projects—Elan The Presidential, a residential development in Sector 106 on the Dwarka Expressway, and Elan Imperial, a commercial venture in Sector 82, Gurgaon.