Elan Group's Early Debt Repayment Signals Robust Growth

Elan Group, a prominent real estate developer in Gurugram, has successfully repaid a Rs 875 crore debt to Asia Pragati Strategic Investment Fund, well ahead of schedule. The repayment reflects the company's improved internal cash flow, attributed to a surge in housing demand.

Asia Pragati had originally invested the substantial amount in 2022. Commenting on this financial achievement, Sandeep Agarwal, the Executive Director– Finance & Group CFO of Elan Group, described it as a pivotal moment in the company's growth trajectory.

With this repayment, Elan Group anticipates a reduction in interest costs. The firm, which has a diverse project portfolio across Gurugram and New Delhi, totaling 25 million square feet of built-up area, has shifted focus to the residential sector with a new ultra-luxury development on Dwarka Expressway.

(With inputs from agencies.)