Elan to spend Rs 40 billion on lavish residential complex in Gurgaon

02 Dec 2022 CW Team

Elan Group, based in Gurgaon, will spend Rs 40 billion to build 8 million sq ft of opulent housing along the Dwarka Expressway on a 40-acre plot of land it purchased from Indiabulls Real Estate in January of this year for Rs 5.8 billion.

It is a 40-acre property with a full licence, of which 30 acre are designated for residential construction and 10 acre for commercial uses.

The builder would use the proceeds to pay for the building after a recent investment of roughly Rs 4.25 billion by the international alternative investment firm PAG in the business.

PAG is one of the biggest investment funds with a focus on Asia, and it deals in areas like private equity, private debt, real estate, and hedge funds. The project will be built out in stages, with the first stage involving the development of about 2.5 million sq ft by the company.

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