Indiabulls Real Estate buys commercial building in Gurgaon

Indiabulls Real Estate on Thursday announced that it will acquire a prime commercial building in Gurgaon having a leasable area of 2.5 lakh sq ft for an undisclosed amount. In a BSE filing, Indiabulls Real Estate informed that the company through its wholly-owned subsidiary Yashita Buildcon entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building, having leasable area of approx 2.5 lakh sq ft in Gurgaon. "The deal is expected to get completed in three to four months when the Occupation Certificate of the building is e commercial building xpected to be received," the filing said. Indiabulls Real Estate did not disclose the name of the seller and deal value. 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 1,450 crore in FY 20-21 from the rental properties portfolio of Indiabulls Real Estate," the filing said.