Indiabulls Real Estate gains 3% on acquisition of commercial building in Gurugram

NEW DELHI: Indiabulls Real Estate rose as much as 3 per cent in morning trade on Friday after the company informed bourses that it has clinched a binding and definitive agreement to acquire a prime and newly-constructed commercial building in Gurugram.

The deal is expected to get completed in 3-4 months when the Occupation Certificate of the building is expected to be received.

With this additional leasable area, the company expects to enhance its annuity revenue to Rs 1,450 crore in 2020-21 from the rental properties portfolio of Indiabulls Real Estate.


The scrip opened at Rs 260, touched a high and low of Rs 263.65 and Rs 248.15, respectively. However, it erased the gains as the trade advanced, eventually closing at Rs 254.15, down 0.57 per cent.

In a BSE filing, the company said, “Indiabulls Real Estate through its wholly-owned subsidiary, Yashita Buildcon, on 11 January 2018, entered into a binding and definitive agreement to acquire a prime and newly-constructed commercial building, having a leasable area of approximately 2.5 lac sq ft in Gurugram.”

The scrip had hit a 52-week high of Rs 269.50 on August 7, 2017, and 52-week low of Rs 74.60 on February 1 last year.