Indiabulls Real Estate to set up Commercial Complex in Gurugram

Realty developer Indiabulls Real Estate, through its wholly-owned subsidiary Ashkit Properties, has acquired an over 3.3 acre land parcel on National Highway 8 in Gurgaon.

The company 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, the company said in a regulatory filing on the Bombay Stock Exchange.

“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 said.