Bengaluru, April 4th 2016: Essar today announced that it has signed a definitive agreement with SNN Builders to sell its upscale Water’s Edge residential project in Bangalore for Rs 300 crore. The transaction is expected to be completed in the next 30-45 days.
Water’s Edge is located in Hebbal, which has emerged as the new heart of North Bangalore with its easy access to schools, malls, hospitals, IT parks and the airport.
Commenting on the transaction, Mr Sudip Rungta, Executive Director (M&A) of Essar, said: “Water’s Edge is a marquee project that has been successful in attracting premium clients. Customers are our main focus and we wanted to ensure that we handover 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. The transaction is also in line with the Essar strategy of monetising its non-core assets.”
Adorned with lawns, landscaped greens and water bodies, 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 three phases and will compris 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 Rs1,200 crore.
Mr Ramesh Agarwal, Managing Director, SNNBuilders,said: “This transaction provided us a much awaited entry into North Bangalore and fits in with our strategy of launching an ultra-luxury residential project. We are one of the few real estate companies who are rated highly for our finance capabilities and in-house engineering team, which plays a crucial role in helping us deliver projects on time to the satisfaction of our stakeholders, investors and end-users”.
Mr Shah Sanjay, Managing Director of SNN Builders, added: “We are extremely happy to acquire this project. With eight ongoing projects and 5.5 million sq. ft area already under development in our portfolio, and with the acquisition of Water’s Edge project, we now have a variety of assets to offer to our customer base.”
Mr Sanjay Mehta, CEO of Equinox Realty, said “Project delivery and customers are our main focus. In SNN, we have found someone with an excellent project delivery track record with high level of customer focus. We are thankful to all our customers for their support.”