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 around 2.5 lakh square feet. 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 1,547 crore in FY 20-21 from the rental properties portfolio of the company (including the rental portfolio of its 50:50 JV).
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.
