Indiabulls Real Estate through its wholly-owned subsidiary, Ashkit Properties, has acquired a prime commercial land admeasuring 13,519 square meters on National Highway 8 (Plot No 20, situated in Sector 18, Urban Estate, Gurugram).

The said land is situated at a developed prime commercial location, where many leading multi-nationals are operating in nearby vicinity, and will be developed as a commercial complex with an expected leasable area of around 5 lakh square feet.

The construction of 5 lakh square feet of new office buildings is expected to finish by March, 2019. This addition of new office space will further enhance the annuity revenue to Rs 14.21 billion in FY 20-21 from the rental properties portfolio of the company.

Shares of the company gained Rs 3.4, or 1.41%, to trade at Rs 244.40. The total volume of shares traded was 255,265 at the BSE (10.09 a.m., Tuesday).