Indiabulls Infraestate Limited (IIL), a wholly owned subsidiary of Indiabulls Real Estate Limited, has executed a non-binding Term Sheet with Oricon Enterprises Limited (OEL) for execution of definitive agreements for the joint development of a commercial building at OEL's land parcel admeasuring approx. 3512 sq. mtrs. plot situated at Dr E. Moses Road, Worli, Mumbai - 400018. Upon execution of the definitive agreements, IIL will get an exclusive ownership right of approx. 2.55 lac sq ft. leasable area.