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Experion purchases 8-acre land parcel in Gurugram worth ₹400 crore
Experion anticipates a total development cost of approximately ₹2,000 crore for the Gurugram project, with an estimated revenue potential of around ₹3,700 crore
Experion Developers, a fully FDI-funded premium real estate developer and a wholly-owned subsidiary of Experion Holdings Pte Ltd, Singapore, on July 5 said it has acquired a 7.81-acre land parcel in Gurugram for ₹400 crore.
It has acquired the land parcel in Sector 88A, Gurugram.
The 7.81-acre plot was acquired through an outright purchase for approximately ₹400 crore, demonstrating Experion's commitment to growth in this dynamic market, the company said in a statement.
The newly acquired land offers immense potential for development, with plans for a built-up area of approximately 3 million square feet. Experion estimates a total development cost of around ₹2,000 crore for this project, with a projected revenue potential of approximately ₹3,700 crore, it said.
"This acquisition aligns perfectly with our growth strategy in the NCR region. We see tremendous potential in Gurgaon's real estate market, and this land parcel in Sector 88A provides an excellent opportunity to create a landmark development. Experion remains committed to delivering high-quality residential and commercial spaces that meet the evolving needs of modern urban dwellers and businesses,” said a spokesperson for Experion Developers.
The company is developing around 320 housing units in this 4.7-acre project at Noida in Uttar Pradesh. In the first phase, around 160 units are being launched for sale.
A report by Knight Frank has said that in H1 2024, NCR's residential real estate market witnessed the sales of 28,998 residential units during this period. The city saw a 3% YoY growth in new launches, with 30,580 units introduced, as developers added fresh inventory to meet the rising demand.
On the homebuying front, despite healthy sales velocity in the past eight quarters, the half yearly sales volume moderated to 28,998 units, which is sequentially lower than H1 2023 and H2 2023.
For the second consecutive half yearly period, NCR’s new launches outstripped the sales volume. In H1 2024, the new launches witnessed a 3% YoY uptick over H1 2023. This is primarily due to the steady stream of large-scale residential projects launched on land parcels acquired in the recent past by developers, the report said.
These land deals have propelled residential development across various sectors in Gurugram, Noida and Greater Noida, amongst others, it said.
