15 July 23
New Delhi: Experion Developers, a 100% FDI-funded real estate developer backed by Singapore’s Experion Holdings, has acquired three land parcels in NCR for a sum of Rs 1,100 crore for residential and commercial development, Routhu Nagaraju, CEO of the company, told ET.
Among the acquisitions, a 4-acre land plot situated on Golf Course Road in Gurgaon was acquired for Rs. 400 crore, while an additional 5-acre parcel in Noida’s Sector 45 was secured for Rs. 250 crore.
Both of these acquired lands have been earmarked for residential development and were procured through government auctions.
“In addition, we have acquired a commercial land parcel on Golf Course Extension Road with a development potential of around 1.1 million square feet through the insolvency process. The acquisition cost for this parcel was 450 crore, and we will invest another 250 crore in developing it,” said Nagaraju.
The Indian arm of Experion Holdings, Singapore—a real estate investing arm of the $2.5 billion AT Holdings group of companies—has so far focused on the Gujarat and Lucknow markets.
“In the Golf Course Extension Road Project, the committee of creditors voted in our favour, and then NCLT approved it. It will be an office and retail project, and the leasable area can go up to 2 million square feet,” the executive said.
Experion will invest ₹700 crore on the Golf Course Road project to develop around 800,000 sq ft and around 700 crore in Noida to develop about one million sq ft.
It is expecting about 3,400 crore in revenue from both projects.
“First priority for us is NCR; once we reach our targeted level in terms of projects and area, then we will look for opportunities outside,” said Nagaraju.
Experion is developing townships, group-housing projects, commercial landmarks, organised retail destinations, hotels, and resorts across Andhra Pradesh, Delhi NCR, Goa, Haryana, Maharashtra, Punjab, Tamil Nadu, and Uttar Pradesh.
The land acquisition activity has especially accelerated in the past two years, with more than half of the land acquired in the last few years being acquired from January 2021 onwards.
Source – The Economic Times