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Elan to invest Rs 4,000 crore in developing luxury residential project in Gurgaon

Gurgaon-based Elan group will invest Rs 4,000 crore in developing 8 million sq ft of luxury residential space on Dwarka Expressway, on the 40-acre land parcel it had acquired from Indiabulls Real Estate for Rs 580 crore in January this year.


It is a fully licensed 40 acre land, out of that 30 acre are meant for residential development and 10 acre for commercial spaces.


Global alternative investment Firm PAG has recently invested about $50 million (Rs 425 crore) in the group and the builder will use the proceedings to fund the construction.

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