Real estate firm Eldeco Group has acquired 8.5 acres of land for Rs 165 crore in Sector-80, Gurugram through an auction held by the Haryana State Industrial & Infrastructure Development Corporation (HSIIDC). The company expects Rs 1,000 crore revenue from the project.
The company plans to invest another Rs 400 crore in the construction of an 8,50,000 sq. ft. residential development. The project which will be on the prime land affording an uninterrupted view of Aravali, will be completed in a single phase. Construction will start within the current financial year.
International property consultant Knight Frank was the advisor in this transaction.
The Eldeco Group has successfully delivered 175 projects totaling about 30 million sq. ft. of real estate development. With the recent auctions, newer opportunities and land parcels acquired in prime locations, these are expected to lead to an increase in the number of launches in the second half of the financial year.
HSIIDC has recently allotted 43,708m2 of land to Ashiana Housing in Sector-80, Gurugram.
