The company through its wholly-owned subsidiary Yashita Buildcon entered into a binding and final agreement to acquire a prime and newly constructed commercial building, having a leasable area of approx 2.5 lakh sq ft in Gurgaon, Indiabulls Real Estate said in BSE filing.
According to the filing, “The deal is expected to get completed in three to four months when the Occupation Certificate of the building is expected to be received.”
Indiabulls Real Estate did not disclose the value of deal and name of the seller.
“With this additional leasable area, the company expects to enhance its annuity revenue to Rs 1,450 crore in FY 20-21 from the rental properties portfolio of Indiabulls Real Estate,” the filing said.
The commercial building is located at a developed prime commercial location, where many leading multi-nationals are operating in the nearby area.