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January 05, 2022 Scrip Code – 532832 IBREALEST/EQ BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, “Exchange Plaza”, Bandra-Kurla Complex, Dalal Street, Bandra (East), MUMBAI – 400 001 MUMBAI – 400 051 Sub: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, Please find enclosed an Investor Update, on proposed merger of certain identified ongoing, completed & planned residential and commercial projects of the Embassy Group (“Embassy Assets”) with the Company, placed before the Board at its meeting held today i.e. January 5, 2022, for dissemination on exchange’s website, for information and reference of all stakeholders. Kindly take the same on record. Thanking you, Yours truly, for Indiabulls Real Estate Limited Ravi Telkar Company Secretary Encl: as above CC: Luxembourg Stock Exchange Luxembourg Indiabulls Real Estate Limited CIN: L45101HR2006PLC095409 Corporate Office: One International Center, Tower 1, 4th Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai ‐ 400013 Tel.: (022) 61891200 Fax: (022) 61891421 Registered Office: Plot No. 448‐451, Udyog Vihar, Phase‐V, Gurugram‐122016, Haryana, Tel: 0124 6681199 Fax: 0124 6681111 Email: helpdesk@indiabulls.com Website: http://www.indiabullsrealestate.com Investor Update Merger of Embassy Assets into Indiabulls Real Estate January 5, 2022 Disclaimer This document contains certain forward‐looking statements based on current estimates and expectations of Indiabulls Real Estate Ltd.'s (CIN: L45101DL2006PLC148314) management to the best of their knowledge concerning, among other things, the business, results of operations, financial position, prospects, growth and strategies. Actual results or performance may vary significantly from the forward‐looking statements in this document due to various risks anduncertainties. These risks and uncertainties include the effect of economic and political conditions in India and outside India, the effect of the COVID‐19 pandemic, volatility in interest rates and in securities markets, new regulations and government policies that might impact the real estate development business of Indiabulls Real Estate Ltd. or the portfolio of assets being contributed by Embassy Group, the general state of the Indianeconomy andthe management’s abilitytoimplement the company’s strategy, andthe impact of legal orotherproceedings.Indiabulls RealEstate Ltd. doesn’t undertake any obligationto update these forward‐looking statements, and no assurances can be given that the forward-looking statements in this document will be realized. This presentation contains certain financial measures which are not audited or subject to a review by auditors or measures determined based on GAAP, Ind-AS or any other internationally accepted accounting principles, and the recipient should not consider such items as an alternative to the historical audited/reviewed financial results or other indicators of Indiabulls Real Estate Limited or the Embassy group basedonGAAP,Ind-ASorIFRS. This document is for information purposes only and does not constitute an offer or recommendation to buy or sell any securities of, or any financial products offered by, Indiabulls Real Estate Ltd. or any of its subsidiaries or associate companies or any companies/entities forming part of the Embassy group. This document shall not be distributed or used by any person or entity in any jurisdiction where such distribution or use would be contrary to applicable laworregulation. Notes: (1) AllfiguresinthispresentationareasofSeptember30,2021unlessotherwisestated (2) Totalarearepresentsunsoldsaleablearea/leasablearea (3) ResidentialassetsofIBRELincludecommercialassetssoldonStratasalebasis (4) IBRELincludeSky/SkyForestProjects(withPEInvestor) 2 A New Beginning | Larger, Stronger and Diverse ◼ Proven leadership by a promoter with a sole focus on real estate ◼ Footprint into the fastest growing commercial and residential market of Bengaluru ◼ Adding a pipeline of commercial asset development to the portfolio ◼ Existing relationships/ partnership with marquee investors and tenants ◼ Opportunity to monetize a large pipeline of commercial development assets to listed REITs and institutional investors ◼ Listed Platform – enhanced ability to attract foreign/domestic institutional investor base ◼ Long standing presence and brand recognition in key markets of Mumbai Metropolitan Region and National Capital Region ◼ Largest land bank in the listed space – multiple avenues for monetization Ability to create a world class platform with an institutional investor base that is run professionally, has a strong balance sheet through near term project surplus and can accelerate growth by taking advantage of recent market dislocations 3 Executive Summary ◼ AssetsofEmbassyGrouptomergeintoIndiabullsRealEstate(“IBREL”),tocreateoneofIndia’slargestlistedrealestatecompanies ◼ Themergedentitywillhaveabalancedmixofcommercialandresidentialassetswhichshouldprovideanaturalhedgeagainstcyclicalityandshall benefitfromthenewpromoter,Mr.JitendraVirwani,chairmanoftheEmbassyGroup ◼ Mergerwill createoneofthe leadingmarketplayersamong listed companies intherealestate sector interms of surplus from launchedprojects, land bank ownership and residential stock + planned area development in India; 31 projects spread across major Tier I and a few Tier II cities of India ◼ Combined entity to be renamed Embassy Developments Ltd and to be co-headquartered in Mumbai and Bengaluru ◼ IBREL to be valued at Rs 92.50 per share and swap ratio to be 6.619 shares of IBREL for every 10 shares of NAM Estates Pvt Ltd ◼ Certain entities controlled by The Blackstone Group Inc. (collectively, ‘BREP’) have submitted a non-binding LOI for participation in the proposed merger ◼ Residential business to have surplus from launched and planned residential projects exceeding Rs 19,000 Cr; Rs. 3,899 Cr net investment to realize Rs. 13,806 Cr of surplus from launched residential assets ◼ Near completion inventory to generate a net surplus of Rs. 4,257 Cr ◼ Subsequent tothe merger being affected, the resultant listed entity shall be owned ~44.9% by Embassy Group, 36.0% by the existing public & institutional shareholders, 0.1% by existing IBREL Promoter Group and ~19.0% by BREP & other Embassy institutional investors ◼ Commercial square feet under development will increase substantially ◼ Platform to take advantage of recent market dislocations and accelerate growth through strong partnerships with investors and financial institutions 4 Snapshot Embassy IBREL Combined Entity - IBREL ◼ Residential and commercial assets ◼ Leading residential real estate ◼ One of the largest real estate developers in in India’s leading commercial platform with total launched India with an optimum mix across asset classes Overview market with total launched and and planned area of 24.6 Mn and launched/planned area totalingto 78.7 Mn plannedareaof54.1MnSq.Ft. Sq.Ft. Sq.Ft. ◼ 12 projects spread across ◼ 19 projects spread across ◼ 31 projects spread across all major Tier I and Geographic Bengaluru,MumbaiandChennai MMR, NCR, Jodhpur, strategicallyimportantTierIIcitiesinIndia Presence Vadodara,IndoreandVizag 21% 95% 44% Asset Class (by Area) Residential 56% Commercial 79% 5% ◼ Pending costs funded by sold ◼ INR 3,910(1) Cr. required to ◼ INR 3,899 Cr. required to realize INR 13,806 Cr. receivables (which is higher by INR realize INR 11,059 Cr. of ofsurplusfromlaunchedresidentialassets 11 cr) to realize INR 2,747 Cr of surplus from launched surplus from launched residential residentialassets Key Metrics assets ◼ Planned Commercial projects with annual rent potentialofINR4,291Cr. ◼ Planned commercial projects with ◼ Planned Commercial project annualrentpotentialofINR4,097Cr. with annual rent potential of INR144Cr. Note: (1) On account of additional FSI potential for ‘BLU Estate & Club, Worli’ & ‘One Indiabulls,Thane’ projects 5 Key Metrics Million SF Saleable + Leasable Area 24.6 54.1 78.7 Residential Stock + 23.3 11.6 34.9 Planned Area 1.3 42.5 43.8 Commercial Planned Area In Rs. Cr Residential Net Surplus 13,682 5,388 19,070 Launched + Planned Projects Residential Net Surplus 11,059 2,747 13,806 Launched Projects Residential Net Surplus 2,440 1,817 4,257 Near Completion Projects 3,094 1,130 4,224 Sold Receivables Net Surplus = Pending Collections from Area Sold + Value of Unsold Inventory –Pending Construction Cost 6 Transaction Overview  TheBoardofDirectorsofIndiabullsRealEstateLimited(“IBREL”)approved: ➢ Merger of identified ongoing, completed & planned residential and commercial projects of the Embassy Group (“EmbassyAssets”),Sky/SkyForestresidentialassetswithIBREL ➢ Theproposedmergerwillbeachievedthroughacashlessschemeofamalgamation  Aspartofthetransaction: ➢ Embassy Group will transfer certain identified residential and commercial assets into NAM Estates Pvt Ltd (“NAM Estates”) ➢ Shares of IBREL to be issued to shareholders of NAM Estates (NAM Estates shareholders include Embassy Promoter Overview andpromoterentitiesandotherEmbassyinvestors)andexistingshareholdersofSky/SkyForestresidentialassets ➢ Mr.JitendraVirwanialongwithcertainPromoterentitiesofNAMEstates(EmbassyPromoters)willbecomethenew promoters of IBREL upon completion of merger and Mr. Sameer Gehlaut along with existing IBREL promoter group entitiesshallinitiatetheprocessofde-promoterization  Entities controlled by The Blackstone Group Inc. (“BREP”) have submitted a non-binding LOI for participation in the proposedmerger  Key shareholders of IBREL post merger will be Embassy Promoters, Embassy & Sky / Sky Forest Investors and IBREL publicandinstitutionalshareholders  TheboardauthorizationforproposedIBRELBuybackOfferannouncedonOctober11,2019shallstandwithdrawn  SwapRatioA–NAMEstatesMergerintoIBREL–6,619sharesofIBRELforevery10,000sharesinNAMEstates Swap Ratio  SwapRatioB–SkyAssets MergerintoIBREL–5,406sharesofIBRELforevery10,000sharesinNAMOpco.  Keyapprovals/compliancesrequiredfortheproposedtransactionare: ➢ ShareholderapprovalsofIBREL,NAMEstatesandNAMOpco.; ➢ Completionofbindingagreementswithallpartiesandfilingofschemedocswithinstipulatedtime-frame Key Compliances ➢ SecuritiesandExchangeBoardofIndia(SEBI)andStockExchanges,CompetitionCommissionofIndia(CCI),NationalCompany LawTribunal(NCLT);and ➢ Lenderconsentsandanyotherregulatoryapprovalasapplicable Target Completion  Theprocessisexpectedtobecompletedinapproximatelysixmonths(Q1FY23) Note: Subject to completion of all documentation compliances 7 Swap Ratio Calculation | Basis of Valuation Equity Valuation Post Merger Shareholding ( INR Cr) NAM Estates Equity Value[1] 5,050 -Existing IBREL Promoter Group 0.1% -Public & Institutional Shareholders 36.0% -Embassy Group 3,940 -Embassy Group 44.9% -Existing Private Equity Investors 1,110 -Existing Private Equity Investors of Embassy & Sky 19.0% / Sky Forest Shareholders of Sky / Sky Forest 808 NAM Estates o/s Shares pre Merger (mn shares) 920.26 Current o/s shares of IBREL (mn shares) 454.67 Total Value of NAM Estates (INR Cr.)[2] 5,634 Value per NAM Estates Share (INR / Share) 61.2 IBREL Share Price for the Merger 92.5 Swap Ratio (for 10,000 Shares) A 6,619 IBREL Equity Value (INR Cr.) 4,206 -Existing IBREL Promoter Group 23.3% Sky / Sky Forest Investors o/s shares (mn shares) 161.60 -Embassy Group 13.9% Value of Sky / Sky Forest Investors Per Share 50.0 -Public & Institutional Shareholders 62.8% Swap Ratio (for 10,000 Shares) B 5,406 (1) Excludes value of current shareholding of Embassy Property Developments Private Limited in IBREL and includes INR 500 Cr.ofequity infusion in NAM Estates prior to the merger at INR 61.2 per share (2) Includes value of current shares held by Embassy Property Developments Private Limited (EPDPL) in IBREL (63,095,240) –existing shares held by EPDPL in IBREL will be cancelled and issued to Embassy Group shareholders pursuant to the merger 8 Transformational Change in Ownership ◼ Indiabulls Real Estate (IBREL), Embassy select assets combine to create one of India’s largest listed real estate enterprise ◼ Post merger, Mr. Jitendra Virwani, Chairman of Embassy Group, and certain other promoter entities of NAM Estates (Embassy Group) to be classified as the new promoter of the listed entity ➢ Existing IBREL promoters will seek to declassify themselves as Promoters Shareholding pattern Fully Diluted Shareholding post merger* Fully Diluted Shareholding (Current) 0.1% 44.9% 13.9% 0.1% 36.0% 86.0% 19.0% IBREL Promoter Embassy Group IBREL Promoter Embassy Group Public & Institutional Shareholders Existing Embassy and Sky / Sky Forest PE Investors Public & Institutional Shareholders *Proformabasis, post merger 9 Transaction Rationale 1 Creates one of India’s largest real estate development platforms 2 Benefits from a complementary pan India presence across key markets 3 Diversification towards a balanced mix of residential and commercial development 4 Significant near completion inventory whereby pending costs covered by sold receivables 5 New promoter with proven track record and execution capabilities Well poised to benefit from market dislocation and consolidation in the industry to result in value creation for all stakeholders 10 Creates one of India’s largest real estate development platforms Embassy Springs 11 Combined Entity to Attain Size and Scale Market leadership potential through merger 19,665 13,806 #2 in Surplus - Launched 7,479 7,213 6,633 projects in INR Cr. 3,805 3,096 2,958 Macrotech Combined Entity DLF Sobha Prestige Puravankara Sunteck Brigade 3,600 3,353 2,412 #2 by Land Bank 1,396 (acres)[1] 1,000 747 450 311 239 Macrotech Combined Enity Sobha^ DLF* Godrej** Puravankara* Sunteck Brigade Prestige 42 41 39 35 #4 Player by Total 25 24 22 Residential Stock 20 19 + Planned Area 8 (Mn Sq Ft) Godrej# Prestige DLF Combined entity Sobha Oberoi Macrotech Sunteck Puravankara Brigade Sources: Company filings including investor presentations, call transcripts; * Assuming FSI of 2.5 –DLF (152 MSF, Puravankara(51 MSF); ** Indicates developable Land area under Vikhroli land parcel for Godrej, ^as indicated in March’20 Investor presentation, latest data unavailable; #Indicates area under development + FY22 launches for Godrej, unsold area unavailable (1) IBREL has 89% economic interest in 1,424 acres of NashikSEZLand 12 Significant Growth Potential Saleable Area & 24.6 54.1 78.7 Leasable Area (Mn Sq ft) Residential Commercial Residential Commercial OC / Near Completion 2.6 - 1.4 - 4.0 Other Launched 12.4 - 0.6 - 13.1 Planned 8.3 1.3 9.5 42.5 61.6 Net Residential Surplus 13,682 5,388 19,070 (launched + planned) (INR Cr) 3,094 1,130 4,224 Sold Receivables (INR Cr) Annual estimated future rentals potential from planned commercial assets in excess of INR 4,200 Cr OC: Occupancy Certificate 13 Complementary Pan India Presence Across Key Markets Blu Estate & Club Combined entity to have Complementary Geographic Footprint Pre-merger Post merger* Saleable/Leasable Area (Mn Sq Ft) IBREL Embassy NCR 9.7 NCR 9.7 Jodhpur 0.3 Jodhpur 0.3 Vadodra 0.2 2.1 Indore Vadodra 0.2 2.1 Indore MMR 12.2 MMR 12.2 0.3 0.1 Vizag 0.1 Vizag 52.3 Bengaluru 1.5 Chennai IBREL shareholders to benefit from access to the leading commercial market of Bengaluru; Geographical diversification to reduce dependence on any one region of India * Combined entity shall also own 3300+ acres of which it shall own an 89% economic interest in 1,424 acres of NashikSEZLand 15 Diversification Across Asset ClassesNew Photo and not blurred Embassy Lake Terraces PRIVATE &CONFIDENTIAL 16 Diversification into Commercial Development IBREL Combined Entity Asset Mix Heavily Skewed Towards Residential Balanced and Diversified Development Portfolio (Mn Sq Ft) post merger (Mn Sq Ft) 5% 56% 44% 95% Residential Commercial Residential Commercial Balanced mix a natural hedge against cyclicality; To benefit from new promoter relationships with a listed REIT and institutional investors 17 Significant Near Completion InventoNreyw Photo and not blurred Embassy One Residential PRIVATE &CONFIDENTIAL 18 Combined Entity: Visibility on Near-Term Liquidity and Cash Flows Over INR 3,400 Cr of near completed inventory Near completed projects with ~2x cover (INR Cr) Surplus of sold receivables (INR Cr) Over pending costs Pending Costs 1,142 14,302 Sold Receivables 1,995 81% 500 700 900 1,100 1,300 1,500 1,700 1,900 2,100 Potential to unlock ~INR 18,000 Cr of Launched Inventory inventory with < 25% of additional spend INR Cr (% of total portfolio) Launched 3,404 Inventory 19% Potential Value: Potential Costs Additional Spend: INR (launched projects): INR 3,899 Cr INR 17,706 8,123 Sold Receivables: OC Received / Near Completion Ongoing Cr 4,224 INR Cr Cr High levels of near completed projects with minimal additional costs provides near term liquidity 19 Promoter with Proven Track Record, Strong New Photo and not blurred Execution Skills and Best Practices Embassy Boulevard Interiors PRIVATE &CONFIDENTIAL 20 Embassy Group Known for Execution Skills and Deep Relationships ✓ Strong track record of executing +61 Mn Sqft with a 35-year sole focus on real estate development ✓ Pioneered commercial IT office park concept in India with Embassy Golf Links and developed two of the largest 100+ acre IT parks in India ✓ Co-sponsored India’s first REIT with Blackstone, the largest in Asia Pacific in square feet; marquee investor list in the REIT and roster of multinational tenants Jitendra Virwani –Chairman & MD of Embassy Group ✓ Ability to attract blue-chip capital with past partnerships with WeWork, Warburg Pincus (warehousing) and HDFC Real Estate Funds ✓ Strong existing banking relationships with HDFC and other leading financial institutions ✓ Proven history of creating highly professional run companies with strong corporate governance (REIT has a 50% independent director base) Embassy has created shareholder value for its partners over the years and is looking to accelerate growth through a public platform 21 Appendix New Photo and not blurred Embassy Boulevard PRIVATE &CONFIDENTIAL 22 Merger Structure & Overview Embassy One 23 Merger Transaction | Assets Overview Assets proposed to be merged Type Embassy Lake Terraces Residential Embassy Grove Residential Embassy Boulevard Residential Embassy Pristine Residential Embassy Residency Residential Embassy One Residential Sky / Sky Forest Residential Embassy East Busines Park Commercial Asset Embassy Prism Commercial Asset Embassy Tech Valley Commercial Asset Embassy Knowledge Park Residential & Commercial Embassy Springs Residential & Commercial All Embassy assets will be transferred to one entity -NAM Estates, to Sky / Sky Forest Investors to swap IPPL shares with NAM OpCoshares be merged into IBREL by virtue of NCLT approved Scheme of followed by receipt of IBREL shares on merger of NAM OpCointo Arrangement IBREL by virtue of NCLT approved Scheme of Arrangement IPPL: IndiabullsProperties Private Limited 24 Post Merger | Final Structure IBREL Existing Existing Embassy & Sky / Public & Institutional Embassy Group Promoter Sky Forest PE Investors Shareholders 44.9% 0.1% 19.0% 36.0% Embassy Lake Terraces, Embassy Grove, Embassy Boulevard, IBREL existing IBREL Embassy Pristine, Embassy Prism, Embassy Tech Valley, projects Embassy Springs 100% 100% 100% 100% 100% 100% 100% Embassy Embassy Infra Grove Realty EODPL CIPL Summit IPPL Developers Ventures Ventures Residential Embassy Embassy East 99% Sky / Sky Embassy One Units Grove Business Park Forest 100% 78% Saphire Embassy Birch RGECDPL Knowledge Park Embassy Embassy Bayview Residency 25 Embassy Group Overview Embassy Lake Terraces 26 Embassy Group | Overview 200 300 1,000 150 + + Mn sq ft + + Acres Mn sq ft TOTAL PROJECTS COMMERCIAL CLIENTS LAND BANK COMMERCIAL PROJECTS COMMERCIAL* RESIDENTIAL INDUSTRIAL ANDWAREHOUSING HOSPITALITY COMPLETED -43MILLION SQ. FT. COMPLETED -15MILLION SQ.FT. 6 CITIES COMPLETED – COMPLETED –533KEYS ONGOING & FUTURE – ONGOING & FUTURE – 3MILLION SQ.FT. ONGOING –1177KEYS 110MILLION SQ.FT. 14MILLION SQ.FT. ONGOING & FUTURE – 7MILLION SQ.FT. OLIVE SERVICES COWORKING & OFFICESPACE FUTURE POTENTIAL OPERATIONAL EXCELLENCE, EVERYDAYEVERYTIME 57,000 DESKS FUTUREPOTENTIAL; 100,000 BEDS AUM –70+ MILLION SQ. FT. 75,000DESKS FUTURE POTENTIAL -~110MILLION SQ.FT. EDUCATION EQUESTRIAN CENTRE COMMUNITYOUTREACH THE ONLY FULL IBSCHOOL INDIA’S PREMIEREQUESTRIAN FACILITY CSR PROGRAM 26,000+ PUPILS IN BANGALORE WITH BOARDING FACILITY, 189 GOVERNMENTSCHOOLS SPREAD OVER 34ACRES Slide represents information on entire Embassy Group, of which 11 assets will be merged with IBREL *Statistics mentioned under commercial and hospitality include assets developed by the Embassy Group and transferred to Embassy Office Parks REIT at the time of the IPO 27 Embassy | Residential Projects Area (mnSqft) Sold Pending Unsold Net Projects (Rs. Crores) Saleable Sold Unsold Receivables Costs Inventory Surplus OC/ Near Completion Projects: Embassy Lake Terraces, Hebbal(1) 1.69 1.08 0.61 224 146 674 753 Embassy Boulevard, Yelahanka 0.95 0.73 0.22 212 53 399 557 Embassy Grove, Old Airport Road 0.52 0.25 0.27 77 78 424 423 Embassy Springs Plots, Airport Road 1.36 1.06 0.30 181 296 174 59 Embassy Residency -Phase 1, Chennai 1.17 1.14 0.03 13 4 13 23 Embassy Pristine, Bellandur 0.94 0.94 - 3 - - 3 Sub-Total (A) 6.63 5.20 1.43 710 577 1,684 1,817 Other Launched Projects Embassy One, Bellary Road 0.53 0.10 0.43 52 159 941 833 Embassy Springs Edge, Airport Road 0.89 0.69 0.20 367 383 112 96 Sub-Total (B) 1.42 0.79 0.62 419 542 1,053 930 TOTAL (A+B) 8.04 5.99 2.05 1,130 1,119 2,737 2,747 Note: (1) Represents 77% economic interest in the project 28 Embassy | Planned Projects Planned Residential Projects Projects Location Saleable Area Net Surplus in Mil. Sq.ft. INR Cr. Embassy Bayview(1) Mumbai 0.47 455 Embassy Residency -Phase 2 Chennai 1.42 114 Embassy Springs Villa and Town House Bengaluru 0.50 282 Embassy Springs Row House Bengaluru 0.31 97 Embassy Springs Lakeside Apartments Bengaluru 0.39 108 Embassy Springs High Rise Apartments (Phase 2 & 3)(1) Bengaluru 3.02 1,003 Embassy Knowledge Park Bengaluru 3.59 582 Total 9.53 2,641 Planned Commercial Projects (in Bengaluru) Projects Land Area Leasable Area Annual Rent Acres in Mil. Sq.ft. Potential (INR Cr.) Embassy Knowledge Park 180 21.56 2,404 Embassy East Business Park(1) 60 8.22 767 Embassy Tech Valley(1) 80 9.22 864 Embassy Springs Commercial 26 3.16 228 Embassy Prism(1) 4 0.36 28 Total 350 42.52 4,291 Note: 29 (1) Embassy has less than 100% economic interest in few of the projects. Above represents only Embassy’s share in the project Indiabulls Real Estate Limited Overview Indiabulls Overview Blu Estate & Club 30 Indiabulls Real Estate | Overview 25 19 3,353 3,094 Mn sq ft Acres INR Cr in TOTAL PROJECTS TOTAL PROJECTS LAND BANK SOLD RECEIVABLES ◼ Strong and diverse portfolio spread across Indian geography, with a healthy blend of high-end Tier I and Tier II city inventories ◼ Fully paid for, construction ready land bank of 3,353 acres, including 1,424 acres in Nashik SEZ[1]which is opportunity to benefit from Government initiatives to position India as preferred manufacturing location ◼ One of the strongest residential portfolios among peer-set ◼ Company has completed / near completion inventory worth INR 1,720 cr to address shifting buyer preference towards completed projects with OC ◼ Major upcoming projects strategically located to benefit from infrastructure development (1) IBREL has 89% Economic Interest in SEZ Land 31 Launched Projects Overview Area (mnSqft) Sold Pending Unsold Net Projects (Rs. Crores) Saleable Sold Unsold Receivables Costs Inventory Surplus Ongoing & Completed Projects: Blu Estate & Club, Worli 2.83 1.36 1.47 14 1,561 6,561 5,014 One IndiabullsThane 2.58 0.49 2.09 340 1,197 2,635 1,778 IndiabullsGolf City, Savroli 5.40 0.66 4.74 88 1,020 1,944 1,012 One Indiabulls, Gurugram 3.59 0.24 3.34 105 1,162 1,839 783 IndiabullsPark, Panvel 4.83 3.62 1.21 1,175 1,226 632 581 Mega Mall, Jodhpur 0.63 0.33 0.30 84 20 135 199 IndiabullsOne 09, Gurugram 1.09 0.44 0.65 190 385 340 145 Enigma, Gurugram 1.76 1.66 0.10 96 36 56 116 IndiabullsGreens, Panvel 4.14 4.01 0.13 45 6 69 108 One IndiabullsPark, Vadodara 0.23 0.06 0.17 5 1 62 66 IndiabullsCity, Sonepat 1.75 1.43 0.32 13 13 46 46 IndiabullsSierra, Vizag 0.84 0.75 0.09 59 59 35 35 Centrum Park, Gurugram 2.08 1.99 0.09 19 20 32 31 Sub-Total (A) 31.74 17.04 14.70 2,233 6,705 14,386 9,913 [1] Sky / Sky Forest Sky 0.40 0.40 - 4 - - 4 Sky Forest 1.61 1.32 0.29 857 299 583 1,141 Sub-Total (B) 2.01 1.72 0.29 861 299 583 1,146 TOTAL (A+B) 33.74 18.75 14.99 3,094 7,004 14,969 11,059 (1) Sky / Sky Forest assets to be transferred to NAM OpCoand then, to be further merged into IBREL 32 IBREL | Planned Projects Planned Residential Projects Projects Location Saleable Area Net Surplus in Mil. Sq.ft. INR Cr. Indiabulls Imperial -Phase 1 NCR 4.29 1,651 IndiabullsImperial -Phase 2 NCR 0.91 279 Arivali, Panvel MMR 0.76 292 Silverlake Villas, Alibaug MMR 0.26 69 Centrum Indore 2.08 332 Total 8.29 2,623 Planned Commercial Project Projects Land Area Leasable Area Annual Rent Acres in Mil. Sq.ft. Potential (INR Cr.) Sector 106 in Gurugram, NCR 5 1.30 144 33