Indiabulls demerges reality arm

New Delhi, Dec 21 (UNI) Indiabulls Financial Services Ltd today said its real estate business has been demerged to Indiabulls Real Estate Ltd.

''Pursuant to the scheme of arrangement and satisfaction of the conditions precedent the real estate business of the company has been demerged to Indiabulls Real Estate Ltd,'' the company said in a statement.

Leading international real estate consultancy company Knight Frank has estimated the present value of the realty arm's six development projects at over Rs 21,570 crore.

The total value of Indiabulls Real Estate Ltd's effective ownership in the project companies undertaking the proposed developments is Rs 15,125 crore, the statement added.

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