Elan group raises Rs 250 crore from Piramal Finance
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Gurgaon-based developer Elan Group has raised Rs 250 crore from Piramal Finance for the construction of a commercial project in the city, two people aware of the development said.The construction finance follows Rs 1,200 crorefunding from Kotak Real Estate Fund last year. The company plans to use the funds to fast-track its projects in the region.In 2022, Elan Group had raised $110 million (Rs 900 crore) from global alternative investment firm PAG.'The funding has been raised for a commercial project spread over a million sq ft in Gurgaon ,' said one of the persons cited above.Elan Group declined to comment. Transaction advisor CBRE could not be contacted for comment.Earlier, Elan Group had awarded two construction contracts worth Rs 2,000 crore to Leighton Asia for its luxury residential project, Elan The Presidential, in Sector 106, Dwarka Expressway, and its new luxury commercial project, Elan Imperial, in Sector 82, Gurgaon.Elan Group's portfolio consists of 15 projects in the residential, retail, commercial and hospitality segments. These projects, spread across Gurgaon and New Delhi, collectively offer about 25 million sq ft of built-up area.In 2022, the group ventured into the luxury residential segment with the launch of Elan The Presidential.Private equity investment inflows into the Indian real estate sector reached $2.4 billion (Rs 20,000 crore) in H1 2025, marking a 38% year-on-year increase, according to Savills India, a global real estate consulting firm.
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