Indiabulls Real Estate Tuesday said it will acquire 140 acre land at Manesar in Gurugram to develop an integrated township and commercial building.
In a filing to the BSE, the Mumbai-based developer 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".
Indiabulls Real Estate recently reported a 23 per cent increase in its consolidated net profit at Rs 75.91 crore for the quarter ended September 30. Its net profit stood at Rs 61.64 crore in the year-ago period.
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.
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