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Indiabulls Real Estate to acquire commercial building in Gurugram

Capital Market 

expected to be completed in 3-4 months

Estate announced that the company through its wholly-owned subsidiary has on 11 January 2018 entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building, having leasable area of approx 2.5 lac sq ft in Gurugram.

The deal is expected to get completed in 3 to 4 months when the Occupation Certificate of the building is expected to be received. The said building is situated at a developed prime commercial location, where many leading multi-nationals are operating in nearby vicinity.

With this additional leasable area, the Company expects to enhance its annuity revenue to Rs. 1,450 crores in FY 20-21 from the rental properties portfolio of Estate.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 11 2018. 20:04 IST