Indiabulls Real Estate and Fama Real Estate, a wholly-owned subsidiary, have acquired Embassy Property Developments (EPDPL)’s residential development projects in Bengaluru and Chennai, the company said in a BSE filing.
The company acquired Embassy Residency, a proposed high-rise residential development project spread over ~8.2 acres having a sale area of ~1.4 million sq ft, in OMR, Chennai, through the purchase of RGE Constructions and Development, by the company from EDPL for cash consideration of approximately Rs 119.55 crore.It also acquired Embassy Eden, a proposed residential villa development project spread over ~31.30 acre having a sale area of ~0.7 million sq ft, in North Bengaluru, from EPDPL through the infusion of approximately Rs 465.71 crore capital in Sion Eden Developers.
The company also acquired Embassy East Avenue, a proposed residential development project spread over ~3.75 acre having a ~0.5 million sq ft of sale area, in Whitefield, Bengaluru through the purchase of Vigor Developments by the company from EPDPL for 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 enterprise value/cash consideration of approximately Rs 0.12 crore.