CHD Developers buys 10.5 acres in Gurgaon for Rs 300cr

The firm is already developing two projects in Gurgaon and is looking to expand presence in the city

 

Realty firm CHD Developers has bought 10.5 acres of land in Gurgaon for about Rs 300 crore to develop a housing project.

The national capital-based developer is already developing two projects in Gurgaon and is looking to expand presence in the city.

"We have bought 10.54 acres of land in Gurgaon from a local landlord. The land is licensed and has all approvals in place," CHD Developers COO Ravi Saund told PTI.

The company has bought this land for about Rs 300 crore and the payments have been made through internal accruals and bank debt, he added.

"We will develop a group housing project on this land. The total units would be about 600. We plan to launch this project next month," Saund said.

The land parcel is located in the vicinity of its another residential project at Sector 71, Sohna road, Gurgaon.

"Out of 900 units in this project, we have recently handed over the possession of 600 flats on time and the delivery of the rest 300 would be given by June," Saund said.

As part of the company's expansion plans, CHD is looking for land to add more projects in Gurgaon.

The company is currently developing a housing project on Dwarka Expressway comprising 600 units and a 250 acres integrated township at Karnal.

Two projects -- a commercial complex with 2.1 lakh sq ft of saleable area on Dwarka Expressway and a group housing with 1,800 apartments on Sohna Road -- are in pipeline.

CHD Developers, which is listed on BSE, had posted a net profit of Rs 13.56 crore over a revenue of Rs 246.33 crore during the first nine months of this fiscal.