Elan Group awards ₹840 crore construction contract to Tata Projects

Elan Group awards an Rs 840 crore construction contract to Tata Projects for its ultra-luxury residential project 'Elan-The Statement' in Sector 49, Gurugram

Delhi NCR-based realty developer Elan Group on Tuesday awarded a Rs 840 crore construction contract to Tata Projects for its recently launched ultra-luxury residential development located in Sector 49, Gurugram.

 

With a planned investment of approximately Rs 1,600 crore, Elan Group’s project is expected to be developed across nearly six acres.

 

The development, christened ‘Elan–The Statement’, comprises five towers, offering ultra-spacious residences with super area ranging from approximately 4,285 square feet to 7,270 square feet.

 

While the developer did not share the expected sales potential and completion timeline, it said the project has received a good response in the market. The project has been designed by London-based architectural firm Benoy.

 

 

Commenting on the deal, Elan Group Chairman Rakesh Kapoor said that onboarding Tata Projects reflects the values that have defined Elan Group as a credible developer, with an unwavering focus on quality, disciplined execution and long-term value creation.

 

The project is located along Sohna Road and connects to Golf Course Extension Road and Southern Peripheral Road, both of which are high-ticket micro-markets in Gurugram.

 

“Over the last three years, property values in the region have risen by nearly 74 per cent, while rental values have grown close to 50 per cent, highlighting rising demand and strong long-term appreciation potential,” Elan Group had said during the project’s launch.

 

With this project, Elan Group is looking to expand its footprint in the Gurugram market. This comes after the developer announced plans to invest around Rs 3,000 crore to develop an ultra-luxury housing project on the Dwarka Expressway in Gurugram.

 

The company has a portfolio of 15 projects across Gurugram and New Delhi, with a total built-up area of about 25 million square feet.