Indiabulls signs up office project with Oricon Enterprises in Mumbai’s Worli area

Bengaluru: Indiabulls Infraestate Ltd, a subsidiary of Indiabulls Real Estate Ltd (IBREL), has signed a term-sheet with Oricon Enterprises Limited for a joint development of a commercial building at the latter’s land parcel of around 3,512 sq metres in Worli, a prime location in Mumbai, the developer said on Tuesday evening.

Once executed, Indiabulls will get ownership rights of around 2.55 lakh sq ft. leasable area.

Last week, Indiabulls subsidiary Manjola Infrastructure Limited entered into an agreement to acquire a newly constructed commercial building at Udyog Vihar, Gurugram for around Rs150 crore. Indiabulls didn’t disclose the name of the seller.

“The deal is expected to get completed in 3 to 4 months when the Occupation Certificate of this building is expected to be received,” the company had said in a statement.

With the additional leasable area in Gurugram, IBREL expects to enhance its annuity revenue to Rs1,547 crores in 2020-21 from the rental properties portfolio including its 50:50 joint venture with Blackstone Group.

Recently, IBREL sold 50% stake to private equity investor Blackstone in its subsidiaries Indiabulls Properties Private Ltd and Indiabulls Real Estate Co. Pvt. Ltd for around Rs4,750 crore.

The two subsidiaries hold premium commercial office assets, Indiabulls Finance Centre and One Indiabulls Centre, in central Mumbai.