Elan Group has awarded a construction contract worth Rs 8.4 billion to Tata Projects for its newly launched ultra-luxury residential development in Sector 49, Gurugram. The project marks a significant step in Elan Group’s expansion strategy in the premium housing segment of the National Capital Region. With a planned investment of around Rs 16 billion, the development will be spread across nearly six acres. Named Elan – The Statement, the project comprises five towers offering spacious residences with super areas ranging from approximately 4,285 square feet to 7,270 square feet. Although the developer has not disclosed the expected sales potential or completion timeline, it stated that the project has received strong market response. The development has been designed by London-based architectural firm Benoy. Commenting on the contract, Elan Group Chairman Rakesh Kapoor said that the onboarding of Tata Projects reflects the company’s commitment to quality, disciplined execution and long-term value creation. He added that the collaboration aligns with Elan’s focus on delivering high-end residential developments backed by strong construction capabilities. The project is located along Sohna Road, with connectivity to Golf Course Extension Road and the Southern Peripheral Road, two of Gurugram’s most sought-after real estate corridors. According to the developer, property values in the region have increased by nearly 74 per cent over the past three years, while rental values have grown by close to 50 per cent, reflecting rising demand and strong long-term appreciation potential. Elan Group is also expanding its footprint in Gurugram through additional investments, including plans to invest around Rs 30 billion in an ultra-luxury housing project along the Dwarka Expressway. The company currently has a portfolio of 15 projects across Gurugram and New Delhi, with a total built-up area of approximately 25 million square feet. The latest project underscores Elan Group’s strategy to strengthen its presence in Gurugram’s premium real estate market, supported by rising demand, improving infrastructure and sustained investor interest in high-end residential assets.