Experion Developers, a real estate developer backed by Singapore’s Experion Holdings, has acquired land in Sector 48 within the Indian city of Gurgaon.

The company obtained this property through a government auction that was estimated at Rs5.5bn ($66.4m).

More specifically, the Haryana Shahari Vikas Pradhikaran governmental department auctioned out this 5.5-acre plot of land, reported the Economic Times.

Experion Developers CEO Nagaraju Routhu reportedly said: “This land will be used for developing a luxury residential project. This acquisition marks a significant milestone for the company and showcases its commitment to India’s real estate market and growth story.”

The business also purchased a four-acre property at Gurgaon’s Golf Course Road for Rs4bn, and acquired a five-acre site in Noida’s Sector-45 for Rs2.5bn.

According to the company, these land parcels were also acquired through government auctions and will be used to develop additional residential units.

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Experion Developers will be investing Rs7bn in the Golf Course Road project to construct approximately 800,000ft² of residential space and nearly Rs7bn in its Noida-based project to develop roughly one million square feet of development space.

Both projects are expected to generate an estimated Rs34bn in income.

Meanwhile, Experion Capital, AT Capital’s non-banking financial business that is focused on real estate and infrastructure, has granted Rs2bn in project finance for Vatika Group’s residential project in Gurgaon.