"With the completion of the transaction, SNN Builders now takes over Essar's IBROX Real Estate Development Pvt Ltd, the company that owns the Water's Edge project and will take responsibility to complete and deliver the project within a revised schedule," Essar said in a statement.
The final transaction price also includes customer liabilities, it added.
The 8-acre project is being built in two phases and will comprise five 40-storey towers. The project entails construction of 2 million sq ft and is likely to generate revenues of Rs 1,200 crore.
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