The developer has executed a non binding term sheet with the Oricon Enterprises, the owner of around 0.9 acre land parcel situated at Dr. E. Moses Road in Worli.

Realty developer Indiabulls Real Estate, through its wholly-owned subsidiary Indiabulls Infraestate has entered into pact with Oricon Enterprises for joint development of a commercial building in Mumbai’s Worli locality, the developer said in a regulatory filing.

The developer has executed a non binding term sheet with the Oricon Enterprises, the owner of around 0.9 acre land parcel situated at Dr. E. Moses Road in Worli.

Upon execution of the  definitive agreements, Indiabulls Infraestate will get exclusive ownership rights of around 2.55 lakh sq ft leasable area. Earlier this week, Indiabulls Real Estate, through its wholly-owned subsidiary Manjola Infrastructure, entered into an agreement to acquire a newly- constructed commercial building at Udyog Vihar, Phase IV, in Gurgaon.

The deal for the commercial building with leasable area of around 2.5 lakh sq ft is likely to get completed in 3 to 4 months when the Occupation Certificate (OC) of this building is expected to be received, the developer said in a regulatory filing.

With this additional leasable area, the company expects to enhance its annuity revenue to Rs 1,547 crores in FY20-21 from the rental properties portfolio of Indiabulls Real Estate including the rental portfolio of its 50:50 joint venture with Blackstone Group.