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.
