Eldeco acquires Gurgaon land

Eldeco Group, a real estate company, has acquired 8.5 acres of land in Gurgaon's Sector 80 through an auction conducted by Haryana State Industrial & Infrastructure Development Corporation (HSIIDC). The acquisition, costing Rs 1.65 billion, will be used for a residential development project spanning 850,000 square feet. Eldeco plans to invest an additional Rs 4 billion in the construction, with Chairman and Managing Director Pankaj Bajaj stating construction will commence in the current financial year. The project is expected to yield Rs 10 billion in revenue, with Knight Frank serving as Eldeco's advisor in the transaction. This acquisition is part of a trend of increased land purchases by developers in prime locations, thanks to Haryana government auctions. The real estate consultancy Knight Frank India's executive director, North, Mudassir Zaidi, predicts a surge in launches in the second half of the financial year as a result. Ashiana Housing was also recently allocated land in Sector 80 by HSIIDC for a residential project. Additionally, Adore Group secured 10.20 acres of land in Sector 77 for a residential project involving an investment of Rs 2 billion. Eldeco Group has a track record of delivering 175 projects, encompassing about 30 million square feet of real estate development. The Delhi-NCR region is expected to witness many housing unit launches during the upcoming festive season due to several developers acquiring land in the past six months to cater to the growing demand for homes. Notable developers like DLF, Godrej, L&T, TARC, Signature Global, and County Group are among those planning launches in the latter half of the year. Residential launches in the first half of the year surpassed the previous year's numbers, with 10,963 units launched in Delhi-NCR compared to 11,643 units in 2019, according to Cushman & Wakefield.