CHD Developers, the leaders of innovative development, has acquired a land parcel of about 10.54 acres of land in Sector 71 in Gurgaon for Rs 3 billion. This land is licensed and has all approvals in place and the company intends to develop a group housing project on this land.

Ravi Saund, COO, CHD Developers said, ''We will develop a multi-storey group housing project comprising 600 units on this land. We will target mid-income segment. The project will be launched by early April and the land cost for this project will be purely funded from internal accruals.''

''This is our another project on Sohna road and we are very excited about this acquisition as last December we successfully handed over the possession on time of our flagship residential project Avenue 71, Sector 71, Sohna road, Guragon. Through this acquisition we have fulfilled our commitment to offer our valued customer a happy and healthy community with world class amenities at a competitive price. As ever we are committed to deliver as per schedule,'' he added.

Shares of the company declined Rs 0.07, or 1.36%, to trade at Rs 5.07. The total volume of shares traded was 12,570 at the BSE (3.31 p.m., Monday).