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Indiabulls Real Estate acquires 2 housing projects

June 20, 2007

Indiabulls Real Estate through its wholly owned subsidiaries, has acquired two housing projects in Chennai.

Selene Estate, 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. 16 acres of land have already been acquired and registered.

Fama Land Development, 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 , 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.

The company has received Rs 264.49 crore from Ariston Investment Sub A and Rs 172.89 crore from Ariston Investment Sub B towards the sale of equity stakes of 7.95%, each in Indiabulls Properties and Indiabulls Real Estate Company. Further, the company is in the process of completing both these transactions.

With respect to the formal approval to Indiabulls Industrial Infrastructure (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.

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