Realty firm Elan group has acquired 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.
Reports said that the 40 acre land parcel at Sector 106 in Gurugram is fully licensed.
Indiabulls Real Estate said that 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 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.
(With inputs from PTI)
