News: HSVP auctions two land parcels in Gurugram for Rs 520 crore to Experion & Trevoc group-07-10-2023
Developers has acquired a six-acre land parcel in Gurgaon's Sector 53 valued at about Rs 400 crore through an auction held by the Haryana Shahari Vikas Pradhikaran (HSVP), the state urban development authority
The department had auctioned another two-acre plot in Sector 56 for Rs 120 crore to TREVOC ( The Real Estate Venture of Chawlas), who was one of the three promoters in Spaze group.
HSVP and Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) have been auctioning prime land for residential development in Gurgaon.
Apart from Experion Developers, Godrej Properties, Eldeco Group and Ashiana Housing have acquired land through government auctions in recent months.
“Haryana government has been proactive in auctioning land, paving the way for newer projects. We are also working very closely on these opportunities,” said Mudassir Zaidi, executive director, North, at real estate consultancy Knight Frank India.
Experion Developers declined to comment. Experion Developers had earlier acquired a four-acre land on Gurgaon's Golf Course Road for Rs 400 crore and another five-acre plot in Noida Sector 45 for Rs 250 crore. It had also acquired a land parcel in Gurgaon's Sector 48, valued at about Rs 550 crore. All three land parcels are for residential development and have been acquired through government auctions.
The Indian arm of Experion Holdings Pte Ltd, Singapore, a real estate investing arm of the $2.5 billion AT Holdings group of companies, is expecting revenue of about Rs 3,400 crore from these projects.
Experion Developers is building townships, group-housing projects, commercial landmarks, organised retail destinations, hotels and resorts across Andhra Pradesh, Delhi-National Capital Region (NCR), Goa, Haryana, Maharashtra, Punjab, Tamil Nadu and Uttar Pradesh. Earlier, New Delhi-based One Group Developers emerged as the successful bidder for a 3486.17 sq m plot in Gurgaon through e-bidding held by HSVP for Rs 57.2 crore.
Godrej Properties had emerged as the highest bidder for two luxury group housing plots in the Golf Course Road micro-market in Gurgaon. The two prime projects, spread over 2.76 acres and 5.15 acres, will have a combined estimated revenue potential of about Rs 3,100 crore. Real estate company Eldeco Group acquired 8.5 acres of land for Rs 165 crore in Gurgaon’s Sector 80 through an auction held by HSIIDC. Delhi-NCR attracted $3.8 billion in FY 23 for acquiring 1,760 acres of land across 67 deals, while Mumbai recorded 73 deals for acquiring 960 acres for a similar amount.
