Realty builder Indiabulls Real Estate, through its completely owned subsidiary Ashkit Properties, has gained a more than 3.3 acres of land National Highway 8 in Gurgaon.
The organization is intending to build up a business complex on this land with a normal lease able region of around 5 lakh sq ft. The proposed development of office complex is relied upon to be finished by March 2019, the organization said in an administrative recording on the Bombay Stock Exchange.
The organization said that this expansion of new office space will additionally improve the annuity income to Rs 1,421 crores in FY20-21 from the rental properties portfolio of Indiabulls Real Estate.
Indiabulls Real Estate is an on expansion spree and is counting on the revival in the real estate market in Gurgaon for making its project a success. The commercial realty market witnesses strong demand in Gurgaon and Indiabulls Real Estate is looking to set up a state of the art business park which would be able to draw reputed corporates and MNCs. Some big-ticket commercial space rentals and deals are expected to be finalized at this space.