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Delhi-based real-estate developer CHD Developers said it has acquired 12.34 acres in Gurgaon from Empire Realtech for about Rs 100 crore.
In a filing to the BSE, CHD Developers said it had acquired 7,000 shares of Empire Realtech and the latter has become a wholly-owned subsidiary of the company.
“We have acquired the land for Rs 100 crore and will be developing mid-sized housing projects,” Mr Ravi Saund, COO, CHD Developers, said. The housing project will be launched by the end of this year.
CHD is currently developing a housing project in Gurgaon and a township in Karnal. Mr Saund said that the company had funded the acquisition through internal acquisitions.
Incorporated in 1990, CHD Developers has a presence in the residential segment in North India. It has diversified into developing integrated townships.
The company had posted a consolidated net profit of Rs 4.89 crore on a turnover of Rs 155.2 crore in the 2011-12 fiscal. CHD’s share rose by 11.78 per cent to close at Rs 4.84 on the BSE.
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