Gurgaon-based real estate developer Elan Group has raised ₹250 crore in construction finance from Piramal Finance to support the development of a major commercial project in the city. This funding marks the latest in a series of capital infusions aimed at accelerating the group’s ongoing real estate initiatives, particularly in the high-growth Gurugram market.
The funds will be deployed for the construction of a commercial project spread over approximately 1 million square feet. While the company has not officially disclosed the location, the development is expected to add significant commercial inventory to the city's growing office and retail segments.
The latest round of funding from Piramal Finance follows Elan Group’s earlier capital mobilisation efforts. In 2024, the group raised ₹1,200 crore from the Kotak Real Estate Fund, and prior to that, in 2022, it secured $110 million (approximately ₹900 crore) from global alternative investment major PAG. These successive transactions highlight the growing confidence of both domestic and international institutional investors in Elan Group’s asset pipeline and execution capabilities.
Elan Group has significantly expanded its project portfolio in recent years. The company currently has 15 projects across residential, commercial, retail, and hospitality categories, with a combined built-up area of over 25 million square feet. These developments are primarily concentrated in Gurugram and New Delhi, two of the country’s most dynamic urban real estate markets.
The group’s entry into the luxury residential space in 2022 with the launch of Elan The Presidential in Sector 106 along the Dwarka Expressway marked a key strategic shift. Elan followed up this move by awarding construction contracts worth ₹2,000 crore to Leighton Asia for The Presidential and its luxury commercial project, Elan Imperial, located in Sector 82, Gurugram.
The commercial development funded through the current round is expected to further consolidate Elan’s footprint in the premium commercial real estate segment. Sector 82 and other parts of New Gurgaon have become hotspots for Grade A commercial developments, supported by infrastructure upgrades and growing occupier interest.
The funding comes at a time of increasing private equity participation in the Indian real estate sector. As per data from Savills India, private equity investments in Indian real estate touched $2.4 billion (roughly ₹20,000 crore) in the first half of 2025, marking a 38% increase year-on-year. Gurugram remains one of the top destinations for such capital inflows, owing to its large land banks, infrastructure projects like the Dwarka Expressway, and sustained end-user and investor demand.
Piramal Finance’s decision to provide construction funding aligns with its broader strategy of targeting mid-to-large scale real estate developments with strong promoters and strategic locations. The focus is typically on developers with a track record and projects with clear visibility of completion and market absorption.
With the infusion of new capital, Elan Group is expected to speed up project execution across its commercial and residential portfolio. The Gurugram real estate market is witnessing a shift toward higher standards in luxury, construction quality, and on-time delivery. Industry analysts believe the developer’s expanding capital access and diversified pipeline could help it consolidate its position among the leading players in the region.
The coming quarters will be crucial as the group moves ahead with the implementation of both residential and commercial projects. The successful utilisation of capital and timely delivery will remain key parameters to watch, especially as competition intensifies and customer expectations continue to rise in the premium real estate segment.
Image source-elan.co.in