Indiabulls to Purchase 140 Acres of Land in Gurugram

Gurgaon News

Indiabulls Real Estate recently said that the company will acquire 140-acre land at Manesar in Gurugram to build an integrated township and commercial building. In a filing to the BSE, the Mumbai-based developer also said that its wholly-owned subsidiary Loon Land Development Ltd has “entered into definitive agreement(s) to acquire a land parcel/development rights on approx 140 acre land, situated at Sector 79, Manesar, Gurugram, for development of integrated township and commercial building”.

Recently, Indiabulls Real Estate reported a 23 percent increase in its consolidated net profit at Rs 75.91 crore for the quarter ended on September 30. Now the company’s net profit stood at Rs 61.64 crore in the year-ago period.

Also, the Net sales jumped more than two-fold 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.

Earlier, DLF, another Real Estate giant sought partnership with private equity players to raise funds for developing a commercial project that estimates to Rs.1600 crore on the 11.76-acre land parcel in Gurugram. Saurabh Chawla, the Chief Financial Officer, of the DLF group said that India’s largest realty company is likely to dilute nearly 50 percent stake in this 2.5 million sq. ft. commercial project.

He further said that the DLF group bought this land from HSIIDC [Haryana State Industrial Infrastructure Development Corporation] in February during an E-auction and the realtor paid Rs. 1,496 crore for purchasing this land. Although, the land valued at Rs. 1600 crore after adding the Stamp duty charges and the DLF group bought this land parcel as it is close to the DLF Cyber city in Gurugram.

The DLF group is in talk with various private equity funds and the deal will be closed this year. Without naming any players with whom the group is seeking to partner in this project, the CFO said that this will be another partnership deal like it was with GIC, an investment firm for housing projects in Delhi.