Real Estate

CHD Developers acquires land for Rs 100 cr for housing projects

Our Bureau New Delhi | Updated on July 13, 2012 Published on July 13, 2012

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.

[email protected]

Published on July 13, 2012
This article is closed for comments.
Please Email the Editor