Indiabulls buys land in London; plans to convert building into luxury residential property.

Indiabulls Real Estate has paid £155 million (Rs 1,550 crore) for a commercial property in London's Mayfair, marking the third significant realty investment in London by an Indian realtor since November 2013. The Mumbai-based developer has bought a 87,444 sq ft property, 22 Hanover Square, in an auction from the Scottish Widows Investment Partnership, which is now part of Aberdeen Asset Management. Mayfair is an up-market London neighbourhood, home to the significantly wealthy. Indiabulls is looking to finance the transaction through internal accruals, company officials said. It plans to convert the building - which is currently rented out to international property consultants, JLL - into a luxury residential property. Buyers from India could constitute a significant chunk of apartment owners, company officials said.

TOI