Eldeco Group has acquired 8.5 acres of land in Gurugram's Sector 80 for ?165 crore through an auction by Haryana State Industrial & Infrastructure Development Corporation (HSIIDC). They plan to invest an additional ?400 crore in constructing an 850,000-square-foot luxury residential development with an Aravali view. The project is expected to generate ?1,000 crore in revenue. Eldeco, having completed 175 projects covering 30 million square feet, aims to start construction this financial year. The Haryana government's active land auctions are expected to boost housing launches in the second half of the financial year, driven by rising demand.
Eldeco Group, a prominent real estate company, has successfully secured an 8.5-acre plot of land in Gurugram's Sector 80 through an auction conducted by the Haryana State Industrial & Infrastructure Development Corporation (HSIIDC). This acquisition comes at a cost of ?165 crore and is part of Eldeco's strategic plans for expansion. They intend to invest an additional ?400 crore in constructing an opulent residential development spanning a massive 850,000 square feet.
Pankaj Bajaj, the chairman and managing director of Eldeco Group, expressed enthusiasm about this prime land acquisition. The location offers an unobstructed view of the picturesque Aravali hills, making it an ideal site for luxury real estate development. Eldeco aims to execute this project in a single phase, with construction scheduled to commence in the current financial year.
The ambitious project is anticipated to yield revenues of ?1,000 crore, reflecting the substantial potential in this upscale development. Eldeco received advisory support from the renowned international property consultant, Knight Frank, throughout the transaction, enhancing their strategic decision-making.
Eldeco Group has a rich history of delivering 175 projects encompassing a staggering 30 million square feet of real estate development. This acquisition in Gurugram further solidifies their commitment to creating high-quality and desirable residential spaces for the discerning market.
Mudassir Zaidi, the executive director for North India at Knight Frank India, highlighted the proactive approach of the Haryana government in conducting land auctions, providing lucrative opportunities for developers. Recent acquisitions of prime land parcels are poised to catalyse a surge in property launches during the latter half of the financial year. This dynamic shift underscores the growing demand in the real estate sector and the willingness of developers to meet it.
HSIIDC, in its ongoing efforts to bolster development in Gurugram's Sector 80, has allocated 43,708 square meters of land for a residential project by Ashiana Housing. The region is witnessing a flurry of activity as developers seek to capitalize on the burgeoning demand for homes. Notably, Adore Group recently acquired a 10.20-acre tract of land in Sector 77, earmarking an investment of ?200 crore for a residential project.
Delhi-NCR, a thriving metropolitan region, is poised to experience an unprecedented surge in housing unit launches, particularly during the upcoming festive season. Multiple developers have seized opportunities in the past six months, acquiring valuable land parcels to cater to the surging demand for housing.
Industry giants such as DLF, Godrej, L&T, TARC, Signature Global, and County Group have all charted plans for launches in the latter half of the year. This reflects the optimism and confidence in the real estate market's potential for growth and stability.
Cushman & Wakefield, a global real estate services firm, reports that residential launches in the first half of the year have already exceeded the previous year's figures, underscoring the robust and dynamic nature of the real estate sector in India. The outlook remains optimistic as developers continue to invest in prime locations, offering luxurious and modern living spaces to meet the evolving needs and aspirations of homebuyers in the region.
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