Pardeep DagarReal estate company Eldeco Group has acquired 8.5 acres of land for Rs 165 crore in Gurgaon’s Sector 80 through an auction held by the Haryana State Industrial & Infrastructure Development Corporation (HSIIDC).
The company plans to invest another Rs 400 crore in the construction of an 850,000-square-foot residential development, Pankaj Bajaj, Chairman and Managing Director of the company, told ET.
The real estate firm is planning to launch a luxury project on this land parcel with housing units starting at ₹2.5 crore to ₹5 crore. “Approvals are awaited and construction is expected to begin by April 2024,” said Bajaj, adding the company is expected to invest close to ₹400 crore on the construction of the project and is expecting ₹1,000 crore revenue from sales.
