<article>Essar Group has signed a definitive agreement with SNN Builders to sell its premium residential project Water’s Edge in Bengaluru for Rs.300 crore, the company said on Thursday.</article>

Essar Group has signed a definitive agreement with SNN Builders to sell its premium residential project Water’s Edge in Bengaluru for Rs.300 crore, the company said on Thursday.
The deal is expected to be completed in about 45 days.
The sale transaction comes a month after Essar said it will sell Equinox Business Park, a 1.25 million sq. ft office space in Mumbai’s financial hub Bandra-Kurla Complex (BKC) for around Rs.2,400 crore to Bengaluru-based real estate firm RMZ Corp.
The Water’s Edge project, in the Hebbal area of Bengaluru, was launched by Equinox Realty and Infrastructure Pvt. Ltd, realty arm of Essar Group in 2012. However, along the way, Essar decided to reduce its focus on the real estate business and decided to monetize its assets.
Construction of the Hebbal project has been stalled for a while now.
“Customers are our main focus and we wanted to ensure that we hand over the project to someone with a similar mindset. We are thankful to all our customers and are happy that a builder of the stature of SNN, with a high level of professionalism and customer focus, will be taking this project forward. The transaction is also in line with the Essar strategy of monetising its non-core assets,” said Sudip Rungta, executive director (M&amp;A) of Essar.
“We are extremely happy to acquire this project. With eight ongoing projects and 5.5 million sq. ft area already under development in our portfolio, and with the acquisition of Water’s Edge project, we now have a variety of assets to offer to our customer base,” Sanjay Shah, managing director of SNN Builders.
<h4>This article was first published on <a href="http://www.livemint.com">Livemint.com</a></h4>

Essar Group has signed a definitive agreement with SNN Builders to sell its premium residential project Water’s Edge in Bengaluru for Rs.300 crore.

India: Essar to sell Bengaluru luxury home project to SNN Builders

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