Gurgaon-based Elan Group has acquired a 7.65 acre land parcel from Ambience Group for about Rs 200 crore, three people aware of the deal said. The land is located at Sector 82, Gurgaon and the builder will develop one million sq ft of commercial project comprising of retail, office, service apartments and a hotel. “Ambience group is looking to dispose off land in order to raise fund. Lenders have already put its flagship Vasant Kunj mall on auction and the group is trying to raise money from wherever it can,” said one of the person quoted above.
The total value of the transaction is over Rs 200 crore which also include departmental dues, which will be cleared by Elan group. The land was part of a company and share of that company has been transferred to the Elan group. Recently, Elan Group has also acquired 40 acres from Indiabulls Real Estate for Rs 580 crore in Sector 106, Dwarka Expressway, Gurgaon, in one of the biggest land deals in the country in recent times.
Acquiring land in the NCR is becoming increasingly difficult for real estate developers with the involvement of lenders, growing legal issues, and high fee levied by some state authorities in the micro markets. Experts at international property consultants said absence of clean title was also making it hard for big developers to buy land.
Most of the recent land acquisitions have happened either through bank auctions or by taking over the debt of the developer. Elan group has so far delivered three projects in Gurgaon and is constructing five more.
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