Indiabulls Real Estate Expands its Footprint with Embassy Property Developments Acquisition
Indiabulls Real Estate and its subsidiary Fama Real Estate have acquired residential projects in Bengaluru and Chennai from Embassy Property Developments
Real EstateIndiabulls Real EstateEmbassy Property DevelopmentsResidential ProjectsBengaluruChennaiReal EstateMay 26, 2024
The company has acquired Embassy Residency, a proposed high-rise residential development project spread over 8.2 acres having a sale area of approximately 1.4 million sq ft, in OMR, Chennai. The acquisition was made through the purchase of RGE Constructions and Development from EPDPL for a cash consideration of approximately Rs 119.55 crore.
In addition, Indiabulls Real Estate has also acquired Embassy Eden, a proposed residential villa development project spread over 31.30 acres having a sale area of approximately 0.7 million sq ft, in North Bengaluru. The acquisition was made through the infusion of approximately Rs 465.71 crore capital in Sion Eden Developers.
Furthermore, the company has acquired Embassy East Avenue, a proposed residential development project spread over approximately 3.75 acres having a sale area of approximately 0.5 million sq ft, in Whitefield, Bengaluru. The acquisition was made through the purchase of Vigor Developments from EPDPL for a cash consideration of approximately Rs 117.28 crore.
Indiabulls Real Estate has also completed the acquisition of 100% equity share capital of Equinox Developments for an enterprise value/cash consideration of approximately Rs 0.12 crore.
Indiabulls Real Estate is a leading real estate developer in India, known for its luxurious residential and commercial projects. The company has a strong presence in major cities across India, including Delhi, Mumbai, and Bengaluru.
Indiabulls Real Estate is a part of the Indiabulls Group, a diversified business conglomerate with interests in real estate, finance, and pharmaceuticals. Embassy Property Developments is a leading real estate developer in southern India, known for its innovative and luxurious projects.
Frequently Asked Questions
What is the significance of Indiabulls Real Estate's acquisition of Embassy Property Developments' projects?
The acquisition marks Indiabulls Real Estate's expansion into southern India and strengthens its presence in the residential real estate market
What are the details of the projects acquired by Indiabulls Real Estate?
The company has acquired three residential development projects: Embassy Residency in Chennai Embassy Eden in Bengaluru and Embassy East Avenue in Bengaluru
What is the total value of the acquisition deal?
The total value of the acquisition deal is not disclosed but the company has paid approximately Rs 702 54 crore in cash and infused approximately Rs 465 71 crore capital in Sion Eden Developers
What is the benefit of the acquisition for Indiabulls Real Estate?
The acquisition provides Indiabulls Real Estate with a significant presence in southern India access to new markets and an opportunity to diversify its portfolio
What is the future outlook for Indiabulls Real Estate after this acquisition?
The acquisition is expected to boost Indiabulls Real Estate's growth and revenue and the company is likely to continue to expand its presence in southern India
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