VCCircle

It's kind of a coup for Indiabulls Financial Services to strike a real estate partnership with DLF Group. They have formed a 50:50 joint venture called Kenneth Builders & Developers to develop residential and commercial properties across India. The JV has already bagged 35.8 acres of land from Delhi Development Authority (DDA) through a competitive bidding process for Rs 450 crore ($100 million). DDA had called for bids to develop residential projects under its public-private partnership project.

Indiabulls is an upstart in in the real estate business. In the last one year, it had acquired two mills in Mumbai through bidding for a total of Rs 700 crore ($155 million) or so. DLF group is India's largest and high quality real estate construction group. The JV gives Indiabulls one leg up. [Via The Economic Times]