Indiabulls Real Estate inks pact to acquire commercial building in Gurgaon

Realty developer Indiabulls Real Estate, through its wholly-owned subsidiary Manjola Infrastructure, has entered into an agreement to acquire a newly- constructed commercial building at Udyog Vihar, Phase IV, in Gurgaon.

The deal for the commercial building with leasable area of around 2.5 lakh sq ft is likely to get completed in 3 to 4 months when the Occupation Certificate (OC) of this building is expected to be received, the developer said in a regulatory filing. The company did not disclose the consideration for this transaction.

With this additional leasable area, the company expects to enhance its annuity revenue to Rs 1,547 crores in FY20-21 from the rental properties portfolio of Indiabulls Real Estate including the rental portfolio of its 50:50 joint venture.