The 40-acre property tract, which is situated in Sector 106 of Gurugram’s Dwarka Expressway, has all the necessary permits for the construction of residential and commercial developments. The remaining 10 acres of property will be used for commercial development, leaving around 30 acres for residential construction.
According to three sources with knowledge of the transaction, Elan Group, located in Gurugram, has paid Ambience Group around Rs 200 crore for a 7.65 acre land block. The site is in Sector 82 in Gurugram, and the builder plans to create a one million square foot commercial complex there that would include offices, retail space, a hotel, and service apartments.
In less than a month, the micro market has seen two land transactions. A 7-acre property lot in Gurugram was recently purchased by Pardos Real Estate, a development platform run by the $250 million Alternative Investment Fund of the DMI Group, for roughly Rs 180 crore.
“The Ambience Group is trying to sell land to raise money. The group is attempting to acquire money from every source it can because lenders have already placed its flagship Vasant Kunj mall up for auction,” according to one of the individuals mentioned above.
The second individual claims that the transaction’s overall worth exceeded Rs 200 crore and included departmental debts that Elan Group will pay up. The Elan group has received a portion of the corporation whose land was a component.
Since it is a licensed piece of property, about 30% of the money has been used to pay the department’s dues.
Elan and Ambience group both refused to comment.
In one of the largest recent land acquisitions in the nation, Elan Group recently paid Rs 580 crore to Indiabulls Real Estate to purchase 40 acres in Sector 106, Dwarka Expressway, Gurugram.
Real estate developers are finding it more and more challenging to purchase property in the NCR due to the participation of lenders, escalating legal challenges, and hefty fees imposed by various state agencies in the micro markets.
The lack of a clear title, according to experts at international property consultancies, makes it difficult for large developers to purchase land.
The majority of recent land purchases have been made either through bank auctions or by taking on the developer’s debt.
Oberoi Realty, which has its headquarters in Mumbai, is also close to obtaining a 50-acre property piece on Gurugram’s Golf Course Road Extension.
Oberoi will need to assume the debt owed by the banking organisation that currently owns the land in order to gain control of it.
The Max Group has bought two pieces of land in Noida and is negotiating to buy another in Gurugram.
In order to build an opulent group housing complex, the Noida-based Gaurs Group paid Rs 200 crore for a land lot in Jaypee Greens. The IndusInd Bank had the fully paid licence land.
In Gurugram, Elan Group has already completed three properties and is now building five more.