Indiabulls Real Estate acquires 2.5 lakh sqft commercial building in Gurugram

Residential and commercial property developer, Indiabulls Real Estate acquired a newly constructed commercial building at Udyog Vihar, Phase IV, Gurugram, having leasable area of around 2.5 lakh square feet. The company will complete this transaction through its subsidiary Manjola Infrastructure.

Indiabulls Real Estate informed the exchanges that it would take around 3 to 4 months to get this deal complete (when the occupation certificate is expected to be received). The company believes this incremental leasable area would tends to improve its annuity income to Rs. 1,547 crore in FY20-21E from the rental properties portfolio of Indiabulls Real Estate Ltd (including the rental portfolio of its 50:50 JV).

During 9MFY18, the company recorded revenues from operation of Rs. 3,898.53 crore as against Rs. 1,883.32 crore in the corresponding period of last year.

Looking at the last one-year's stock performance, Indiabulls Real Estate has delivered a mindboggling return of around 112 per cent till date. In Monday’s trading session, the stock seems to be unaffected with this development. At 01:11 hours, the stock of Indiabulls Real Estate was trading at Rs. 190.8 per share, up marginally by 0.3 per cent on BSE.