Elan Group acquired two land tracts in the financial year 2022-2023 to expand its commercial real estate enterprise. The object of the exercise is to enter the big-ticket residential segment.
Renowned Global Alternative Investment Firm PAG has made a huge move by investing $50 million (INR 425 crore) in Gurugram-based realty company Elan Ltd. Elan Group will use the investment funds to construct their forthcoming real estate projects. Elan Group has purchased two land lots this year to grow and expand its commercial real estate enterprise. The idea is to enter the luxury residential market with the invested funds.
To develop residential and commercial complexes, the group paid Indiabulls Real Estate Ltd (IBREL) Rupees 580 crore at the beginning of 2022 for a 40-acre plot of land in Gurugram.
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The next move toward the big-ticket segment was made by purchasing a commercial land tract of 7.65 acres in Sector 82. This purchase was made in August 2022 from Ambience Group, and the deal was locked in for INR 200 crore. In a statement, Elan Ltd, the Elan Group’s main company, stated that “PAG has invested approximately USD 50 million, which accounts for INR 425 crores in Elan Ltd.”
It was also said that the investment would be utilised as growth capital for future initiatives driven by Elan Limited. With a worldwide fund provider like PAG placing trust in the group’s management and proven development track, this deal assumes enormous significance for the Elan Group. According to the CEO of Elan Group, Sandeep Agarwal, this will aid in promoting the overall expansion of the organisation.
Elan Group has 12 projects with a combined saleable area of over 15 million square feet spread across key locations of Gurugram and New Delhi. Elan Limited remains in the spotlight with the investment made by the PAG. The key reason behind the buzz is that PAG is Asia’s foremost alternative investment fund provider.
