Indiabulls-Oricon launches 2.55-lakh sqft realty project

Indiabulls Real Estate, through its wholly-owned subsidiary Indiabulls Infraestate, entered into an agreement with Oricon Enterprises for joint development of a commercial building in Worli area of Mumbai. In this connection, the developer has executed a non-binding pact with the Oricon Enterprises, the owner of around 0.9 acre land parcel situated at Dr. E. Moses Road in Worli. As per the pact, Indiabulls Infraestate will get exclusive ownership rights of around 2.55 lakh sqft leasable area. Prior to this, Indiabulls Real Estate, through its wholly-owned subsidiary Manjola Infrastructure, entered into an agreement to acquire a newly- constructed commercial building at Udyog Vihar, Phase IV, in Gurgaon. The deal for the commercial building with leasable area of around 2.5 lakh sqft is likely to get completed in 3 to 4 months when the Occupation Certificate (OC) expected to be received, said official sources, that with this additional leasable area, the company expects to enhance its annuity revenue to Rs.1,547 crores in FY20-21 from the rental properties portfolio of Indiabulls Real Estate including the rental portfolio of its 50:50 joint venture with Blackstone Group.