Experion takes over an 8-acre land parcel in Gurugram for Rs.400 crore

Experion Developers, a premium real estate developer fully funded by foreign direct investment and a subsidiary of Experion Holdings Pte Ltd, Singapore, announced on July 5th that it has purchased a 7.81-acre land plot in Gurugram for Rs.400 crore.

Experion Developers has acquired a 7.81-acre land parcel located in Sector 88A, Gurugram, through an outright purchase valued at around Rs.400 crore. This acquisition underscores Experion's dedication to expanding its presence in this vibrant market, according to a statement released by the company.

Experion Developers anticipates significant development opportunities from its recent acquisition, projecting a built-up area of about 3 million square feet. The company estimates the total project cost at approximately Rs 2,000 crore, with expected revenues reaching around Rs.3,700 crore.

The spokesperson for Experion Developers said, "This acquisition fits seamlessly into our growth strategy in the NCR region. We recognize substantial potential in Gurgaon's real estate market, and the Sector 88A land parcel presents an exceptional opportunity to develop a standout project. Experion is steadfast in its commitment to delivering top-notch residential and commercial properties that cater to the evolving demands of urban residents and businesses."

The company is undertaking the development of approximately 320 housing units within a 4.7-acre project located in Noida, Uttar Pradesh. The initial phase will see the launch of approximately 160 units for sale.

According to a report from Knight Frank, in the first half of 2024, the residential real estate market in the NCR saw the sale of 28,998 residential units. New launches in the city grew by 3% year-on-year, totaling 30,580 units as developers increased inventory to meet growing demand.

Regarding homebuying activity, despite robust sales momentum over the past eight quarters, the sales volume for the half-yearly period decreased to 28,998 units, marking a sequential decline compared to both H1 2023 and H2 2023.

In H1 2024, new launches in the NCR continued to exceed sales volume for the second consecutive half-year, growing by 3% year-on-year compared to H1 2023. This growth is driven by developers launching large-scale residential projects on recently acquired land parcels, fueling residential development across sectors in Gurugram, Noida, and Greater Noida, among others.