Sobha Developers, a Bangalore-based real estate firm, has bought two acres of prime land in Bangalore for an undisclosed sum from the RBANM Trust, reports Business Standard.

The property is located opposite Koshy`s restaurant and has access to three main roads – St Mark`s Road (west), Church Street (north) and Museum Road (east). On to the south is Stracey Memorial School.

According to real estate sources, the company is planning to build a hotel and offer it to a well-known hotel group to manage the property.

Sobha Developers has been utilising money raised through the recently concluded initial public offer to build a land bank in Bangalore and few other cities in south India.

As part of expansion of its property development operations, the company is planning to take up residential development activities and construction business in cities like Mysore, Pune, Kochi, National Capital Region (NCR), Thrissur, Chennai, Mumbai, Mangalore, Coimbatore and Hyderabad.

Shares of the company are trading lower by Rs 6.75, or 0.85%, at Rs 784.50. Total volume of shares traded at the BSE was 771,893. (4.45 pm, Wednesday 14-03-07). 
Source: IRIS NEWS DIGEST (15 March 2007) pleas visit www.myiris.com

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