Conscient Infrastructure has acquired 6.6 acre land in Gurugram for around Rs 85 crore to develop a housing project. In a statement, real estate consultant Cushman & Wakefield said that it facilitated this land deal of 6.6 acres in Sector 80, Gurugram.
The land parcel has a development potential of more than one million square feet.
“Gurugram market is currently seeing a bullish run and this deal will help the client to fully leverage it,” Hardeep Lamba, Managing Director, Land & Capital Markets, North & East India, said.
The statement did not mention the value of the land deal.
However, market sources said the deal has been struck for around Rs 85 crore.
Real estate developers have been aggressively buying land parcels outright and also partnering with landlords for joint development to encash the rise in demand for residential properties. Housing sales have risen sharply in the last two years on pent up demand from the Covid-impacted period.
Conscient Infrastructure is one of the leading developers in Gurugram.
In 2022, global realty firm Hines partnered with Conscient Infrastructure to set up a platform to develop housing projects across the Delhi-NCR property market.
Hines India and Gurugram-based Conscient Infrastructure have launched ‘Elevate Homes’ – a development management platform for residential projects.
In 2019, Hines and Conscient partnered to develop a residential project named Elevate in Gurugram.