Elan Group, a Gurgaon-based real estate firm, has decided to invest about Rs 550 crore in its mixed-use project in Gurgaon.
The project, spread across 7 acres of land, is planned to develop 7 lakh sq. ft. retail area, 500 flats and service apartments and superplex in partnership with PVR Cinemas. The entire construction will begin soon and scheduled to be completed by 2020.
The company is going spend around Rs 400-450 crore in construction which will be on 1.5 million sq ft of built-up area. The investment will be funded from internal accruals.
“The company is following all the provisions under the Real Estate (Regulation and Development) Act, 2016 and has opened an escrow account to develop this project,” says Ravish Kapoor, Director, Elan.
The real estate developer has also tied up with PVR Cinemas which will help implement a premium concept ‘superplex’ which includes up to 18 screens for the movie lovers.
In current development, Elan has two commercial projects in under construction stage in Gurgaon with a total built-up area of 8 lakh sq. ft. The partnership with PVR Cinemas is blooming here with the plan of opening 20 screens.
Source: ET Realty