Experion Developers, a real estate developer backed by Singapore’s Experion Holdings, has acquired land in Sector 48 within the Indian city of Gurgaon.
The company obtained this property through a government auction that was estimated at Rs5.5bn ($66.4m).
More specifically, the Haryana Shahari Vikas Pradhikaran governmental department auctioned out this 5.5-acre plot of land, reported the Economic Times.
Experion Developers CEO Nagaraju Routhu reportedly said: “This land will be used for developing a luxury residential project. This acquisition marks a significant milestone for the company and showcases its commitment to India’s real estate market and growth story.”
The business also purchased a four-acre property at Gurgaon’s Golf Course Road for Rs4bn, and acquired a five-acre site in Noida's Sector-45 for Rs2.5bn.
According to the company, these land parcels were also acquired through government auctions and will be used to develop additional residential units.
Experion Developers will be investing Rs7bn in the Golf Course Road project to construct approximately 800,000ft² of residential space and nearly Rs7bn in its Noida-based project to develop roughly one million square feet of development space.
Both projects are expected to generate an estimated Rs34bn in income.
Meanwhile, Experion Capital, AT Capital’s non-banking financial business that is focused on real estate and infrastructure, has granted Rs2bn in project finance for Vatika Group’s residential project in Gurgaon.
