In an effort to expand its land bank in NCR, Indiabulls Real Estate is planning to acquire 140-acre land in Manesar, Gurugram. The land will be used to develop an integrated township and commercial building.
The Mumbai-based developer has declared in a filing to BSE that its wholly-owned subsidiary Loon Land Development Ltd has entered into the definitive agreement(s) to acquire a land parcel/development rights on the approximate 140-acre land. The land is situated at Sector 79, Manesar, Gurugram, and has been declared to be developed for the integrated township and commercial building.
Indiabulls Real Estate has been on an uphill trend this quarter. The company recently reported a 23 percent increase in its consolidated net profit at Rs 75.91 crore for the quarter ended 30 September. A year ago, the company’s profit stood at Rs 61.64 crore.
In fact, the company’s net sales jumped more than twofold to Rs 1,040.41 crore for the second quarter of this fiscal from Rs 470.77 crore in the corresponding period of the previous year.
The Manesar township will be the fourth residential project in Gurgaon by Indiabulls Real Estate after One Indiabulls, Centrum Park, and Enigma. Talking about commercial projects, Indiabulls has Indiabulls ONE09, a business destination on the Dwarka Expressway.