Rule 8.1- (Indiabulls Real)

RNS Number:4721P
Indiabulls Real Estate Limited
05 March 2008


                                                                            FORM
8.1

          DEALINGS BY OFFERORS, OFFEREE COMPANIES OR THEIR ASSOCIATES

                  FOR THEMSELVES OR FOR DISCRETIONARY CLIENTS

                 (Rules 8.1(a) and (b)(i) of the Takeover Code)





1.         KEY INFORMATION


Name of person dealing (Note 1)                Sameer Gehlaut
Company dealt in                               Indiabulls Real Estate Limited
Class of relevant security to which the        Ordinary shares
dealings being disclosed relate (Note 2)

Date of dealing                                4 March 2008






2.         INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE



(a)        Interests and short positions (following dealing) in the class of
relevant security dealt in (Note 3)


                                                             Long                              Short


                                               Number                           Number
                                                          (%)                              (%)

(1) Relevant securities                        34,333,345 (14.3)


(2) Derivatives (other than options)


(3) Options and agreements to purchase/sell


Total                                          34,333,345 (14.3)





(b)        Interests and short positions in relevant securities of the company,
other than the class dealt in (Note 3)


Class of relevant security:                                  Long                              Short


                                               Number                           Number
                                                          (%)                              (%)

(1) Relevant securities


(2) Derivatives (other than options)


(3) Options and agreements to purchase/sell


Total





(c)        Rights to subscribe (Note 3)


Class of relevant security:                    Details


Ordinary shares                                27,500,000 outstanding warrants






3.         DEALINGS (Note 4)



(a)        Purchases and sales


Purchase/sale                          Number of securities                  Price per unit (Note 5)


Purchase                               134                                   544.60Rs


Purchase                               799,866                               545.00Rs


Purchase                               10                                    547.80Rs


Purchase                               699,990                               548.00Rs


Total                                  1,500,000







(b)        Derivatives transactions (other than options)


Product name,         Long/short (Note 6)       Number of securities (Note 7)        Price per unit (Note 5)

e.g. CFD










(c)        Options transactions in respect of existing securities

(i)         Writing, selling, purchasing or varying


Product name,         Writing, selling, Number of securities  Exercise   Type, e.g.      Expiry     Option money
                        purchasing,     to which the option              American,
e.g. call option      varying etc.      relates (Note 7)      price      European etc.   date       paid/received per
                                                                                                    unit (Note 5)







(ii)        Exercising


Product name, e.g. call option         Number of securities                  Exercise price per unit (Note 5)






(d)        Other dealings (including new securities) (Note 4)


Nature of transaction (Note 8)         Details                               Price per unit (if applicable) (Note 5)










4.         OTHER INFORMATION



Agreements, arrangements or understandings relating to options or derivatives




Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating
to the voting rights of any relevant securities under any option referred to on this form or relating to the voting
rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is
referenced.  If none, this should be stated.


None







Is a Supplemental Form 8 attached? (Note 9)
            NO




Date of disclosure                                                5 March 2008

Contact name                                                      Sudhir Khullar

Telephone number                                                  [phone]

Name of offeree/offeror with which associated                     Indiabulls Real Estate Limited
Specify category and nature of associate status (Note 10)         Director






Notes



The Notes on Form 8.1 can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk




























































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

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