Indiabulls Real Estate to buy commercial building in Gurugram

Indiabulls Real Estate Ltd on Saturday said it will acquire a commercial building in Gurugram with leasable area of 2.5 lakh sq. ft for an undisclosed amount. “We wish to inform you that Indiabulls Real Estate Ltd, through its wholly-owned subsidiary Manjola Infrastructure Ltd, has entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building in Gurugram, having leasable area of approximately 2.5 lakh sq ft,” Indiabulls Real Estate said in a BSE filing. It said 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 FY20-21 from the rental properties portfolio of Indiabulls Real Estate Ltd, including the rental portfolio of its 50:50 JV,” it said.