Indiabulls Real Estate, Fama Real Estate acquire residential development projects from EPDPL

Embassy Developments Ltd. | Construction - Real Estate | Construction & Infrastructure | BSE: 532832 | NSE: EMBDL

25 May 2024 Evaluate

Indiabulls Real Estate and Fama Real Estate, a wholly-owned subsidiary of the company, have acquired the residential development projects Bengaluru and Chennai from Embassy Property Developments (EPDPL).

The companies have acquired Embassy Residency, a proposed high-rise residential development project spread over around 8.2 acres having a sale area of around 1.4 msf, in OMR Chennai, Tamil Nadu, India, through the purchase of RGE Constructions and Development, by the Company from EPDPL pursuant to a securities purchase agreement (executed in furtherance of the binding term sheet), for cash consideration of approximately Rs 119.55 crore (after closing adjustments to the enterprise value of Rs 120.50 crore).

The companies have acquired Embassy Eden, a proposed residential villa development project spread over around 31.30 acre having a sale area of around 0.7 msf, in North Bengaluru, Karnataka, India, from EPDPL pursuant to an investment agreement (executed in furtherance of the binding term sheet), through the infusion of approximately Rs 465.71 crore capital in Sion Eden Developers (Sion), a partnership firm under the Indian Partnership Act, 1932 (after closing adjustments to the enterprise value of Rs 465.70 crore).

They have also acquired Embassy East Avenue, a proposed residential development project spread over around 3.75 acre having a around 0.5 msf of sale area, in Whitefield, Bengaluru, Karnataka, India through the purchase of Vigor Developments (VDPL) by the company from EPDPL pursuant to a share purchase agreement (executed in furtherance of the binding term sheet), for cash consideration of approximately Rs 117.28 crore (after closing adjustments to the enterprise value of Rs 117.10 crore).

Indiabulls Real Estate, one of the leading real estate developers in the Mumbai Metropolitan Region (MMR) and the National Capital Region (NCR) of India, was incorporated in 2006 with its focus on construction and development of residential, commercial and SEZ projects across major Indian metros.

Embassy Developments Share Price

69.98 0.40 (0.57%)

08-May-2026 16:59 View Price Chart

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