Ashkit Properties, a wholly-owned subsidiary of Indiabulls Real Estate, has acquired a more than 3.3 acres of land parcel at National Highway 8 in Gurgaon.
The land parcel is bought to implement a plan to develop a commercial complex on a leasable area of around 5 lakh sq. ft. The company is expecting to complete the proposed construction of office space by March 2019, says Indiabulls in a regulatory filing on the Bombay Stock Exchange (BSE).
With this new office space, Indiabulls Real Estate’s annuity revenue from the rental properties portfolio is going to increase to Rs 1,421 crores. For the last quarter, the company reported a total revenue at Rs 7.52 crore. All the promoters combinedly held 43.78 per cent of company’s stake.
With this acquisition, the company’s share went up by 2.88 per cent and closed at Rs 247.95 per share.