Indiabulls Real Estate to acquire commercial building in Gurugram

Expected to close deal in 3-4 monhts

Indiabulls Real Estate, through its wholly-owned subsidiary Manjola Infrastructure, has entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building at Udyog Vihar, Phase IV, Gurugram, having leasable area of approx 2.5 lac sq ft.

The deal is expected to get completed in 3 to 4 months when the Occupation Certificate of this building is expected to be received. This 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. 1547 crore in FY 20-21 from the rental properties portfolio of Indiabulls Real Estate (including the rental portfolio of its 50:50 JV).

 

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