Indiabulls Buys London Property for Rs 1,550 crore
Mumbai-based Indiabulls Real Estate on Thursday bought a Rs 1,550-crore property in London's upmarket Mayfair area. Indiabulls' investment in London is the third largest transaction by a domestic realtor in the last six months.
In February 2014, Indiabulls' rival Lodha Developers had bought a prime London property at £90 million. In November 2013, Lodha had bought Canada's embassy building in London for Rs 3,300 crore. (Read the full story here)
Indiabulls, which will finance the purchase from internal accruals, wants to convert its London acquisition into a luxury residential property. The London transaction is nearly 40 per cent of Indiabulls Real Estate's market capitalization.
The company is part of Indiabulls Group and is developing over 24 million sq. foot of projects currently.
Gagan Banga, CEO of Indiabulls said the company plans to steadily build a portfolio of projects in London.
The latest transaction indicates the growing interest of Indian developers in global properties amid a sharp slowdown in the domestic property market.
India's stock markets have rallied to record highs on hopes that the new government will bring the economy back on tracks, but the optimism has not percolated to real estate transactions.
Interest rates continue to be high and property prices have not corrected despite increasing inventory of unsold flats, analysts say.
Shares in the company closed 0.65 per cent higher at Rs 92.75 and outperformed the BSE Realty sub-index, which rose 0.5 per cent.
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