SNN Builders buys Essar’s housing project for Rs.490 crore
Bengaluru city-based SNN Builders has acquired Essar Group’s premium residential project ‘Water’s Edge’ in Hebbal, for an approximate value of Rs. 490 crore.
Water’s Edge is an eight-acre project built in two phases and will comprise five 40-storey towers, and house over 400 3, 4 and 5 BHK apartments. The project has a total construction area of two million sq. ft and is likely to generate revenues of Rs.1,200 crore.
With the completion of the transaction, SNN Builders will take over IBROX Real Estate Development Private Ltd., the company that owns the Water’s Edge project and also the responsibility to complete and deliver the project with a revised schedule of timelines.
Ramesh Agarwal, Managing Director of SNN said “With the closure of the deal, we are looking forward to an exciting entry into North Bangalore and extend a warm welcome to all the existing owners of Water’s Edge. SNN will now plan to Relaunch Water’s Edge and rebrand it in such a way that its existing customers and future prospects will have a chance to experience a product that will stand out in Hebbal micro-market, We are also pleased that the customers whom we have met so far have expressed their happiness on SNN taking over the project.”
Sudip Rungta, Executive Director (M&A) of Essar, said, “Based on the interaction we had with SNN for the past few months, we are happy to have handed over the project to SNN and are confident that Water’s Edge is now in the right hands. Personally, I have also seen the Re-branding plans of SNN which is quite impressive with a new theme and approach.”