SNN Builders, Bangalore, has recently completed the purchase of Essar’s upscale 2 million sq feet Water’s Edge residential project in Hebbal, Bangalore, for INR 490Cr. 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.
Mr 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.”
Water’s Edge is located on the Outer Ring Road and overlooks the picturesque Nagawara Lake in Bangalore. The project entails construction of 2 million sq ft and is likely to generate revenues of INR 1,200Cr. 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.