Realty firm CHD Developers has acquired 12.34 acres of land in Gurgaon for about Rs 100 crore for development of a housing project.
In a filing to the BSE, the Delhi-based CHD Developers said it has acquired 7,000 shares of Empire Realtech and the latter has become wholly-owned subsidiary of the company.
Empire Realtech holds 12.34 acres licensed land on Dwarka Expressway, Gurgaon. CHD did not disclose the financial details in its filing to the BSE.
However, according to sources, the company bought this land for about Rs 100 crore.
CHD would develop a group housing project on this land and is expected to be launched by end of this year, they added.
Many housing projects are coming up on Dwarka Expressway. Sobha Developers, Assotech, Puri Construction, Chintels and ATS, among others, are developing housing projects in this area.
CHD is currently developing a housing project in Gurgaon and a large township in Karnal.
The company had posted a consolidated net profit of Rs 4.89 crore over a turnover of Rs 155.2 crore during 2011-12 fiscal. CHD's share price rose by nearly seven% in the afternoon trade at Rs 4.45 on BSE.