Buzzing stock: Indiabulls Real Estate acquires prime commercial land in Gurugram
DSIJ Intelligence / 12 Sep 2017
Indiabulls Real Estate, a realty developer, has acquired a prime commercial land admeasuring 13519 sq. mtrs.
Indiabulls Real Estate, a realty developer, has acquired a prime commercial land admeasuring 13519 sq. mtrs. on National Highway 8 in Gurugram. The company has carried out this deal through its wholly-owned subsidiary Ashkit Properties.
The acquired land is situated at a developed prime commercial location where many leading multinationals are operating in the vicinity. It is expected to be developed as a commercial complex with an expected leasable area of around 5 lakh sq. ft.
The construction of these new office buildings is expected to be completed by March 2019. As per the management’s estimations, this addition of new office space will aid the annuity revenue going forward. Income from the rental properties portfolio would reach Rs 1,421 crore till FY20-21.
Today the stock opened at Rs 242.80, marginally up from its close at Rs 241 on Monday. In the morning session, it touched the intra-day high of Rs 247.05, showing an upside of 1.75 per cent.
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