Essar said it has signed a definitive agreement with SNN Builders to sell its upscale Water’s Edge residential project in Bengaluru 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 Bengaluru with its easy access to schools, malls, hospitals.

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 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. The transaction is also in line with the Essar strategy of monetising its non-core assets.”

The eight-acre project is being built in three phases and will comprise five 40-storey towers, amongst the tallest in Bengaluru, and will 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.

Ramesh Agarwal, Managing Director, SNN Builders, said: “This transaction provided us a much awaited entry into North Bengaluru and fits in with our strategy of launching an ultra-luxury residential project. We are one of the few real estate companies to be 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”.

Recently, Essar signed another definitive agreement with RMZ Corp to sell its Equinox Business Park in Mumbai for Rs 2,400 crore.”

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Published on March 31, 2016