News Point: Total transaction value stands at Rs 490 crore; premium residential realty project will see 2 mn sq ft of development.
With the completion of the transaction, SNN Builders now takes over Essar’s IBROX Real Estate Development Private Ltd, the company that owns the Water’s Edge project, and will take responsibility to complete and deliver the project within a revised schedule. The final transaction price includes customer liabilities.
Ramesh Agarwal, Managing Director of SNN, said, “We are delighted that Essar and SNN have been able to close this deal, and are looking forward to an exciting entry into North Bangalore. We extend a warm welcome to all the existing owners of Water’s Edge. SNN will now relaunch the project and rebrand it in a way that existing customers and future prospects will be able to experience a product that will stand out in the Hebbal micro-market.”
Commenting on the transaction, Sudip Rungta, Executive Director (M&A) of Essar, said, “At Essar, customers are our main focus and we wanted to ensure that we hand over the project to someone with a similar mindset. We are thankful to all our customers and are happy that a builder of the stature of SNN, with a high level of professionalism and customer focus, will be taking this project forward.”
Water’s Edge is located on the Outer Ring Road and overlooks the picturesque Nagawara Lake in Bangalore. The 8-acre project is being built in two phases and will comprise five 40-storey towers, amongst the tallest in Bangalore, and house over 400 plush 3, 4 and 5 BHK apartments.
The project entails construction of 2 million sq ft and is likely to generate revenues of Rs 1,200 crore. SNN Builders has plans chalked out to enter the North Bangalore market and aims to make its first project in the area a showcase of its capabilities.
Recently, Essar signed another definitive agreement with RMZ Corp to sell its Equinox Business Park in Mumbai, a sprawling commercial property, for Rs 2,400 crore.