Now Reading: Indiabulls shares swing after Rs 3,700 crore Gurugram project update
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Indiabulls shares swing after Rs 3,700 crore Gurugram project update
Indiabulls shares swing after Rs 3,700 crore Gurugram project update
Indiabulls shares hit the upper circuit and then erased all gains on 25 August after the company updated exchanges on a RERA-approved residential project on Dwarka Expressway in Gurugram. The stock opened…
Indiabulls shares hit the upper circuit and then erased all gains on 25 August after the company updated exchanges on a RERA-approved residential project on Dwarka Expressway in Gurugram. The stock opened at Rs 27, hit its 5% upper band of Rs 28.23, then fell to Rs 26.78 by afternoon, down 0.41%.
The company said it signed an agreement with a private landlord to develop a project on 10.84 acres. Phases 1 and 3 have RERA registration, with a launch targeted by mid-October 2026. The project has a saleable area of 21 lakh sq ft and a gross development value of Rs 3,700 crore, taking the company's total GDV to Rs 27,308 crore.
Separately, the Supreme Court has ordered a CBI probe into allegations against Indiabulls Housing Finance and its entities. Indiabulls shares have risen 57% this year against a 9% decline in the Sensex.
Indian Opinion Analysis
Indiabulls has been under regulatory scrutiny for years. The Supreme Court ordered a CBI probe in August 2024 into allegations against Indiabulls Housing Finance, now Sammaan Capital, and its promoters. Separately, the company's ability to monetise its land bank through RERA-approved projects is central to its turnaround narrative. The Gurugram project's GDV of Rs 3,700 crore adds to a pipeline worth Rs 27,308 crore. Execution risk and the CBI probe outcome remain key. The next update to watch is the project launch targeted by mid-October 2026.
Source: livemint.com
This story was synthesised by AI from the source linked above.
