Indiabulls Real Estate through its wholly-owned subsidiary - Yashita Buildcon has entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building, having leasable area of approximately 2.5 lakh square feet 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 crore in FY 20-21 from the rental properties portfolio of the company.
Indiabulls Real Estate is India's third largest real estate company, with its focus on construction and development of residential, commercial and SEZ projects across major Indian metros.
