Indiabulls Real Estate, through its wholly-owned subsidiary Manjola Infrastructure, has entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building at Udyog Vihar, Phase IV, Gurugram, having leasable area of approx 2.5 lac sq ft.

The deal is expected to get completed in 3 to 4 months when the Occupation Certificate of this building is expected to be received. This building is situated at a developed prime commercial location, where many leading multi-nationals are operating in nearby vicinity.

With this additional leasable area, the Company expects to enhance its annuity revenue to Rs. 1547 crore in FY 20-21 from the rental properties portfolio of Indiabulls Real Estate (including the rental portfolio of its 50:50 JV).

Shares of the company gained Rs 0.2, or 0.11%, to trade at Rs 190.35. The total volume of shares traded was 315,339 at the BSE (11.56 a.m., Monday).