Manjola Infra To Acquire A Commercial Building In Haryana
2018-04-07 Products Construction Northern India
Indiabulls Real Estate Limited (“the Company”), through its wholly-owned subsidiary Manjola Infrastructure Limited, has entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building at Udyog Vihar, Phase IV, Gurugram, having a leasable area of approx 2.5 lac sq ft. 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 the nearby vicinity. With this additional leasable area, the Company expects to enhance its annuity revenue to Rs. 1547 crores in FY 20-21 from the rental properties portfolio of Indiabulls Real Estate Ltd (including the rental portfolio of its 50:50 JV).