Indiabulls Real Estate, Oricon to develop property in Mumbai

NEW DELHI: Delhi Indiabulls Real Estate today said that its subsidiary has entered into an agreement with Oricon Properties for developing more than 7,800 sq metres plot situated at Worli in Mumbai.

“Tapir Realty Developers, a 100 per cent subsidiary of the company, has entered into a joint development agreement with Oricon Properties, a subsidiary of Oricon Enterprises, for development of 7,810 sq metres plot situated at E Moses Road, Worli, Mumbai,” Indiabulls Real Estate Ltd (IBREL) said in a BSE filing.

In March, IBREL had raised Rs 435 crore through this route in three tranches.

IBREL has reported consolidated net profit of Rs 305.04 crore for 2015-16, while the company’s total income stood at Rs 2,785.84 crore.

The company is developing over 10 projects in India with total saleable area of over 30 million sq ft. It has presence in Mumbai, NCR and Chennai.