Based on the regulatory submitting by Indiabulls, in January this yr, the corporate had divested 100% stake in its subsidiaries – Airmid Builders Restricted, Mariana Builders Restricted, Albina Properties Restricted & Flora Land Improvement Restricted. These items collectively owned the land parcel.
“We’re proud to share that we now have accomplished the transaction properly earlier than time with
Actual Property. This mission has a possible of 8 million sq ft of constructed up space and has a high line of round Rs 10,000 crore. We’re planning to launch this mission by forth quarter this yr and we’ll be launching excessive finish residential and industrial area,” mentioned Akash Kapoor, Director, Elan Group.
The 40 acre land parcel at sector 106 Gurugram is strategically positioned in one of the distinguished location on Dwarka Expressway which is close-by to the Worldwide Airport New Delhi.
It’s a absolutely licensed 40 acre land, out of that 30 acre are meant for residential growth and 10 acre for industrial areas. The deal was facilitated by Sachin Bhardwaj and Yukti Bhardwaj.
“In furtherance to intimation dated January 25, 2022 in respect of divestment of Firm’s 100percentstake in its subsidiaries, please be told that with the passable completion of closing circumstances and switch of firm’s 100% shareholding/stake in mentioned subsidiaries, the Transaction obtained concluded on August 25, 2022,” Indiabulls actual property mentioned in a regulatory submitting.
Lately Elan group has additionally acquired another prime industrial licensed land of seven.65 acre from Atmosphere Group in Sector 82 Gurugram.
The worth of the transaction is over Rs 200 crore.
Elan Group is planning to construct one other a million sq ft if industrial mission comprising of retail areas, workplaces, service residences & lodge.