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Indiabulls to sell residential project in Chennai, India, for 2.85B rupees

Indiabulls Real Estate Ltd. agreed to sell its Indiabulls Greens residential township project in Chennai, India, for 2.85 billion Indian rupees, as part of its planned exit of its investments in the city.

The Indian property developer said in a filing that it entered into a definitive agreement to sell its interests in its 100%-owned Selene Estate Ltd. and Airmid Infrastructure Ltd. units, which own residential assets in Chennai, to an undisclosed third-party investor.

Citing unnamed sources, India's Mint reported that the buyer of the Indiabulls Greens project is Bengaluru, India-based developer Ozone Group. The deal is expected to close by the end of March.

The project consists of approximately 2.07 million square feet of saleable area and will be developed in four phases, with the initial phase already delivered, according to the March 27 report.

Mint noted that it could not retrieve a comment from an Ozone spokesperson.

As of March 26, US$1 was equivalent to 64.75 Indian rupees.