Gurgaon’s largest land deal successfully executed
The Aricent Group has just concluded the largest corporate land disposition in the history of the Gurgaon real estate market. The deal was brokered by the transaction team of international property consultants Jones Lang LaSalle India. The land parcel is on the Old Gurgaon Highway, immediately adjacent to the prominent residential project Gurgaon One, and the ticket size of the deal is Rs 206 crore.
The Aricent team was led by Ragesh Datt, Senior VP and Global CIO for the Aricent Group. The transaction involved the sale of 17.63 acres of prime land to Ambience Developers, one of the largest local developers in the NCR region. It was conducted in accordance with GE Sigma 6 methodology, which ensured quality, operational excellence and optimal value creation.
Nitish Bhasin, Managing Director – Delhi NCR, Jones Lang LaSalle India, confirms that this transaction represents the single-largest corporate land disposition in Gurgaon till date. "Three of the largest national-level real estate players were the next-highest bidders for this strategically located land parcel. It was a complex transaction that involved a lineup up top bidders and was successsfully concluded at the end of a fair and transparent two-bid process."
Amit Kaicker, Head – Land Transactions (North India) at JLL states, "What stands out in this innovative deal was meeting timelines exactly as per the plan set by the team, which has been a first in a land transaction of this nature."