Indiabulls Real Estate buys 3.3-acre land parcel in Gurgaon

Realty major Indiabulls Real Estate bought an over 3.3 acre land parcel on National Highway 8 in Gurgaon through its wholly-owned subsidiary Ashkit Properties. In a regulatory filing on the Bombay Stock Exchange, the company said that it is planning to develop a commercial complex on this land parcel with an expected leasable area of around 5 lakh sq ft. The proposed construction of office complex is expected to be completed by March 2019. “This addition of new office space will further enhance the annuity revenue to Rs 1,421 crores in FY20-21 from the rental properties portfolio of Indiabulls Real Estate,” the company added.