Shares of Indiabulls Real Estate advanced over 2 per cent on Tuesday after the company through its wholly-owned subsidiary Ashkit Properties, acquired an over 3.3 acre land parcel on National Highway 8 in Gurugram.

Following the development, the stock gained 2.88 per cent to end the session at Rs 247.95 on BSE. It opened at Rs 242.80 and touched an intraday high and low of Rs 250.50 and Rs 241.25 respectively.

The company is planning to develop a commercial complex on this land parcel with an expected leasable area of around 5 lakh sq ft.

"This addition of new office space will further enhance the annuity revenue to Rs 1,421 crores in FY20-21 from the rental properties portfolio of Indiabulls Real EstateBSE -8.23 %," the company said.

Promoters held 43.78 per cent stake in the company as of June 2017.

For the quarter ended June 30, 2017, the company reported total revenue at 7.52 crore and net loss stood at 29.39 crore.

The scrip touched its fresh 52-week high of Rs 269.50 on August 7, 2017 and its 52-week low of Rs 57.05 on November 22, 2016.