Indiabulls Real Estate said on Tuesday that it is in the process of acquiring 140 acre land at Manesar in Gurugram. The company is planning to develop an integrated township and commercial building over the land acquired.
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 cr for the quarter ended September 30. Its net profit stood at Rs 61.64 cr in the year-ago period.
Net sales jumped more than two-fold to Rs 1,040.41 cr for the second quarter of this fiscal from Rs 470.77 cr in the corresponding period of the previous year.