Indiabulls Real Estate acquires two housing projects

Indiabulls Real Estate Ltd has announced that the Company through its wholly owned subsidiaries, has acquired two housing projects in Chennai. Selene Estate Pvt Ltd, a wholly owned subsidiary of the Company has entered into an agreement to acquire 50 acres of land to develop a residential project at Jalladianpet, a suburb of Chennai located next to IT Corridor at Old Mahabalipuram Road (OMR). 16 acres of land have already been acquired and registered. Fama Land Development Pvt Ltd, a wholly owned subsidiary of the Company, has entered into an agreement to acquire 241 acres of land to develop a residential and commercial project located near National Highway 5 ("NH 5"), an alternate industrial corridor being promoted by the Tamil Nadu State Government. 198 acres of land have already been acquired and registered. The Company, through its wholly owned subsidiaries, has acquired 396 acres of land in Panvel, near Mumbai, to develop large scale residential projects. With respect to the formal approval to Indiabulls Industrial Infrastructure Ltd (IIIL), (a wholly owned subsidiary of the Company), for development of a multi product SEZ at Nasik, the company is in discussions with MIDC to finalize MIDC’s stake in the Joint Venture. As per the MOU signed earlier between MIDC and the Company, the stake of MIDC would be upto a maximum of 26% in IIIL, the Joint Venture company developing the multi product SEZ at Nasik. The Company has received Rs 264.49 crore from Ariston Investment Sub A Ltd and Rs 172.89 crore from Ariston Investment Sub B Ltd towards the sale of equity stakes of 7.95%, each in Indiabulls Properties Pvt Ltd and Indiabulls Real Estate Company Pvt Ltd. Further, the Company is in the process of completing both these transactions.