Elan Group begins construction on its first $4 billion ultra-luxury residential project close to the Dwarka Expressway.

The project, which spans 30 acres, will include about 1,800 super luxurious residences with 3, 4, or 5 bedrooms and duplex penthouses priced between Rs 4 crore and Rs 12 crore.

Elan Group, based in Gurugram, announced the opening of its first residential project, “Elan – The Presidential,” in sector 106, close to the Dwarka Expressway, and has plans to invest Rs 4,000 crore in the city.

Elan Group has previously built retail and commercial projects all over Gurgaon.

Elan Group will invest around 4,000 crore rupees in the project, and the developer estimates that it will generate sales revenue of 10,000 crore rupees, according to a statement released by the developer on November 30.

Elan Group’s Managing Director, Ravish Kapoor, said, “With the debut of our ultra-luxury project, “Elan – The Presidential,” on the Dwarka Expressway, we are thrilled to enter the residential real estate market. The project will be developed in three stages, and its top line is anticipated to be worth Rs 10,000 crores. We are optimistic that our project will establish new standards in the NCR’s super luxury market.”

The project, which spans 30 acres, will include about 1,800 super luxurious residences with 3,4,5 BHKs and duplex penthouses priced between about Rs 4 crore and Rs 12 crore, according to the statement.

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The project is supposed to be developed in three phases, the first of which the group said saw the launch of 728 units.

According to the statement, Elan Group received approximately Rs 425 crore from the investment firm PAG in August of this year.

Elan Group currently has 12 retail and commercial projects with a total saleable area of roughly 15 million square feet spread across prime locations in Gurugram and New Delhi.

Realestate