SNN Builders, a Bengaluru-based real estate developer, has completed the acquisition of 2 million sq feet premium residential project — Water’s Edge — from Essar Group at Hebbal, a fast-growing locality in the city, in an all-cash deal valued at Rs 490 crore.
With the completion of the transaction, SNN Builders now takes over IBROX Real Estate Development, an Essar Group company that owns the Water’s Edge project. It will take responsibility to complete and deliver the project within a revised schedule. The final transaction price includes customer liabilities, Essar said in a statement.
“SNN will 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,” Ramesh Agarwal, managing director of SNN Builders said.
SNN Builders, a debt-free company, has funded the acquisition through its internal accruals, he said. The company would require another R400 crore to complete the project, which is under construction. Essar Group has so far completed work on two towers and the work had been stalled due to internal problems faced by the Group, he said.
“This is a luxury residential project with tallest tower in North Bengaluru. We will complete the project in the next three and a half years with international level amenities,” Agarwal said.