Indiabulls Real Estate buys 13,519 sq meter land in Gurugram

New Delhi: Indiabulls Real Estate has acquired a 13,519 square meter land in Gurugram for an undisclosed amount to a develop commercial complex on the plot.

In a filing to the BSE, Indiabulls Real Estate Ltd said the company through its wholly-owned subsidiary Ashkit Properties has "acquired a prime commercial land measuring 13,519 sq meters on National Highway 8 (plot No 20, situated in Sector 18, Urban Estate, Gurugram)".

The land will be developed as a commercial complex with an expected leasable area of around 5 lacs sq ft.

The construction of new office building is expected to finish by March, 2019.

"This addition of new office space will further enhance the annuity revenue to Rs 1,421 crore in FY 20-21 from the rental properties portfolio of lndiabulls Real Estate Ltd," the Mumbai-based company said.