In Gurugram, developers bag Land Parcels for Rs. 500 Crore.

Courtesy: ET Realty
Posted on: 2024-02-26
In Gurugram, developers bag Land Parcels for Rs. 500 Crore.

Recently, at HSIIDC, the Haryana State Industrial & Infrastructure Development residential land auction took place. Three reputed developers bagged four land parcels for Rs. 500 crore.

Eldeco Group owned 2.7 acres for Rs. 110 crore. Trehan Iris group is the next in line. It secured two land parcels with a total of 5.08 crore. For this, the developer paid Rs. 190 crore. The Conscient Infrastructure is the third developer for winning land parcels in the auction. The group bagged 5.56 acres against Rs. 120 crore. Last year, they acquired 6.6 acres of land for Rs. 80 crore.

In Gurugram, HSIIDC and Haryana Shahari Vikas Pradhikaran (HSVP) auctions residential land in the city's strategic locations. The developers await the process of owning larger land spaces. For this, developers apply mainly via Government bodies in the city with high sales in the residential sector.

Trehan Iris aims to expand with bought land parcels in Gurugram.On the recent land purchase, Trehan Iris said business expansion is on the cards for us. Aman Trehan, Executive Director, Trehan Iris said, "We are in the process of expanding our business and have been carefully strategising our plans. In the line with it, we recently participated in an auction in Gurugram and emerged as the winning bidder. We are currently working on the development plan for plots, to launch a premium residential project soon."

Earlier, Godrej, Experion, M3M, and Trevoc Group acquired residential land in the auction process. Before this, Eldeco Group acquired 8.5 acres of land for Rs. 165 crore.

Pankaj Bajaj, MD, Eldeco Group said, "We plan to develop a luxury group housing project on this land with golf facing 3/4BHK apartments in unit sizes ranging from 2200-3500 sq.ft." The real estate experts find potential in these auctions as land parcels are in prime locations. The development will boost property prices here. Also, the overall development will mark premium residential projects in the locality.

Source: ET Realty