Statement re. Press Comment

RNS Number:0007T
Indiabulls Real Estate Limited
24 April 2008



Indiabulls Real Estate Limited
24 April 2008

                         Indiabulls Real Estate Limited



In response to certain press articles dated 23 April 2008 regarding a land
auction, IBREL released the following announcement yesterday to the National
Stock Exchange of India and a similar release to the Bombay and Luxembourg Stock
Exchanges:

"Sub: Reference to letter no. NSE/CM/Surveillance/R-530 in relation to the
publication of information of award of bid to Indiabulls Real Estate Limited 
("IBREL") through its subsidiary, Citra Developers Limited ("CDL")

This is in reference to your letter no. NSE/CM/Surveillance/R-530 dated April
23, 2008 to provide clarification in respect of the news item referring to IBREL
and CDL on acceptance of bid for land of Pal Peugeot Limited (in liquidation)
situated at Dombivli.

This is to bring to your perusal that IBREL submitted its bid through its
subsidiary, CDL in respect of auction held by the Court Receiver, High Court,
Bombay for land of Pal Peugeot Limited (in liquidation) situated at Dombivli.
The said auction was conducted on April 22, 2008.  The award of this bid and
execution of definitive documents in respect of the same is subject to
confirmation by the High Court of Bombay. There is presently no indication as to
the timing and manner in which the High Court order will be received.

Please note that the information in relation to the bidding process has been in
the public domain and reported in the press from time to time (a few samples are
appended for your reference), however IBREL has not responded or sent an
official communication at any stage as the entire matter is sub-judice and will
only be concluded through the process being followed by the High Court of Bombay
and based on the final orders of the Honorable High Court.

We assure that appropriate intimation shall be made to the Stock Exchange once
the final orders are received from the Honorable High Court.

Yours faithfully

Indiabulls Real Estate Limited"






Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the City Code, if any person is, or becomes,
'interested' (directly or indirectly) in 1 per cent. or more of any class of
'relevant securities' of IBREL or of Dev Property Development plc ('DPD'), all
'dealings' in any 'relevant securities' of that company (including by means of
an option in respect of, or a derivative referenced to, any such 'relevant
securities') must be publicly disclosed by no later than 3.30pm (London time) on
the London business day following the date of the relevant transaction.  This
requirement will continue until the date on which the scheme of arrangement
proposed to be entered into by DPD pursuant to the offer by IBREL announced on
February 27, 2008 in the United Kingdom and subsequently on February 28, 2008 in
India becomes effective or lapses or is otherwise withdrawn or on which the
'offer period' otherwise ends.  If two or more persons act together pursuant to
an agreement or understanding, whether formal or informal, to acquire an
'interest' in 'relevant securities' of IBREL or DPD, they will be deemed to be a
single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the City Code, all 'dealings' in 'relevant
securities' of IBREL or of DPD by IBREL or DPD, or by any of their respective
'associates', must be disclosed by no later than 12.00 noon (London time) on the
London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose 'relevant
securities' 'dealings' should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.

'Interests in securities' arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities.  In particular, a person will be treated as having an 'interest' by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the City Code, which can also be found
on the Panel's website.  If you are in any doubt as to whether or not you are
required to disclose a 'dealing' under Rule 8, you should consult the Panel.




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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