Elan Group has awarded an ₹840 crore construction contract to Tata Projects for its ultra-luxury residential development Elan The Statement in Sector 49, Gurugram. This strategic partnership is being viewed as a significant confidence booster for homebuyers and investors in the region's premium housing market, particularly as buyers increasingly prioritize execution certainty, construction quality, and timely delivery.

Project Overview and Investment Details

Elan The Statement represents a substantial investment in Gurugram's luxury residential landscape. The project specifications demonstrate the scale and ambition of this development:

Market Impact and Buyer Confidence

The involvement of Tata Projects brings institutional credibility to the project, addressing key concerns that have emerged in the NCR market following years of uneven project completion. Industry experts highlight that reputed construction partners help minimize execution risk, ensure adherence to timelines, and deliver higher-quality finishes—elements that directly influence long-term asset value and livability.

The contract award has broader implications for regional housing inventory, as Sector 49 and surrounding micro-markets have witnessed steady tightening of ready and near-ready luxury supply. This has been driven by strong absorption and a cautious approach by developers toward new launches.

Architectural Design and Features

The project showcases distinctive architectural elements designed by Benoy, the London-headquartered global design firm. Key features include:

• Striking metal-and-glass façade
• Two-units-per-core configuration
• Private lift lobbies
• Strong emphasis on privacy
• Ultra-spacious residences targeting low-density living

These design elements align with evolving buyer preferences in the post-pandemic luxury housing market, particularly the demand for privacy and spacious living environments.

Leadership Perspectives

Rakesh Kapoor, Chairman of Elan Group, emphasized that the appointment of Tata Projects reflects the developer's focus on disciplined execution and long-term value creation. He noted that projects of this scale require partners with proven engineering and delivery capabilities.

Raman Kapil, President & COO – Buildings and Infrastructure at Tata Projects Ltd, expressed the company's commitment to associating with Elan Group on a project that aims to redefine luxury residential living and contribute to Gurugram's evolving skyline.

Market Outlook

Market observers indicate that such partnerships are likely to raise buyer confidence across the region, encouraging faster decision-making and healthier absorption rates. As Gurugram's luxury housing market matures, construction-led credibility is emerging as a key factor in unlocking both end-user demand and investor interest, particularly in established, infrastructure-rich locations like Sector 49.

E-Land Apparel Limited has announced a significant change in its leadership structure with the resignation of Mr. Heegu Shin from his dual role as Whole-time Director and Chief Financial Officer. The resignation became effective from the close of business hours on January 5, 2026, marking the end of his tenure with the textile company.

Resignation Details and Timeline

The company received Mr. Shin's resignation letter on January 5, 2026, the same date it was submitted. In his resignation communication, Mr. Shin cited preoccupation and certain personal commitments as the primary reasons for his departure from the company. The resignation letter was formally addressed to the Board of Directors and submitted from Bangalore.

Formal Documentation and Compliance

In his formal resignation letter, Mr. Shin explicitly confirmed that there are no other material reasons for his resignation beyond those stated. He requested the Board of Directors to acknowledge receipt of his resignation and relieve him of his duties and responsibilities accordingly. The departing executive also specifically requested the company to file the necessary e-forms with the Registrar of Companies, Bangalore, to formalize his resignation.

Regulatory Compliance and Stock Exchange Intimation

E-Land Apparel Limited has fulfilled its regulatory obligations by informing BSE Limited about the leadership change under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company's communication to the stock exchange was signed by Managing Director Dongju Kim on January 6, 2026, and included comprehensive annexures detailing the resignation specifics.

Company Information and Leadership Structure

E-Land Apparel Limited, incorporated in 1997, operates from its registered office at Sri Vinayaka Industrial Estate, Singasandra, Bangalore, Karnataka. The company is listed on BSE and operates in the textiles sector with CIN L17110KA1997PLC120558. The leadership transition comes as the company continues its operations under the guidance of Managing Director Dongju Kim (DIN: 08060629).

The resignation represents a significant change in the company's financial leadership structure, with the dual role of CFO and Whole-time Director now requiring replacement to maintain operational continuity in the small-cap textile company.