Realty firm Elan group has bought around 40 acres of land in Gurugram from Indiabulls Real Estate Ltd (IBREL) for Rs 580 crore for the development of housing and commercial projects.
Sources said the 40 acre land parcel at Sector 106 in Gurugram is fully licensed. Out of that, 30 acres are meant for residential development and 10 acres for commercial projects.
The advance payment has already been made to purchase the land.
Elan group is developing various commercial projects in Gurugram.
In a regulatory filing, IBREL said the board has approved the divestment of 100 per cent stake in its four subsidiaries which own the land parcel at Sector 106, Gurugram.
The term sheet has been entered into on Tuesday. The definitive agreement would be executed in due course.
"The aggregate sale consideration for the transaction is Rs 580 crore, subjected to necessary adjustments," IBREL said.