Indiabulls Real Estate’s strategic tie-up with Europe’s leading infrastructure and construction company, Strabag SE set the shares of the Indian company soaring to Rs.383.90, up by 7.16% last Friday.

Strabag SE will work on large-scale real estate projects in India taken up by Indiabulls, according to the Memorandum of Understanding signed with Zublin International GmbH, an auxiliary of the parent company.

Strabag, operating through 4 support companies - Strabag, Dywidag, Heilit+Woerner and Zublin, employs 53,000 staff in Europe and recorded a turnover of 10 billion euros in 2006.

Dywidag International GmbH is already present in India since January this year, working on a contract for a 3.2 km tunnel and 2 underground stations for Delhi Metro. Indiabulls is currently working on high-end commercial and residential properties in India.

The Jupiter Mills project covers 10 acres on prime property in central Mumbai, while the Elphinstone Mills property in Lower Parel, will offer corporate offices on 7.76 acres and a capacity for parking 3000 cars.

Cashing in on the upcoming KMP Expressway, is Indiabulls’ 108 acre township in Sonepat, which will include a 16.8 acre Info-Tech Park.

The project will commence in December 2007. In Gurgaon, a mixed-use project, with commercial spaces and condominiums for residential purposes is also slated to take off by December 2007.

The Tehkhand Housing Project for resettlement of slum dwellers in South Delhi and the Raigarh multi-product SEZ project on 6000 acres are other projects under development by Indiabulls.

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