Mumbai, Jan 3: Indiabulls Realestate will develop 3.5 million square feet area for commercial purposes and build 50,000 residential apartments in Mumbai, Delhi and Chennai.

"We are hoping to give delivery of 1.4 million square feet in March-April this year. We have leased out 40 per cent of the property. For residential appartments, delivery is going to happen starting this year," company CEO Gagan Banga told PTI.

The company is developing a residential project in the National Capital Region with real estate major DLF. Both the companies have equal stake in the project.

Banga denied reports that Indiabulls had bought out DLF's stake in the project.

"The land in Delhi was bought in auction from Delhi Development Authority, a government arm. Without keeping DDA in the loop, how can we possibly complete the transaction," he said.

The company is developing a 3,000 acre Special Economic Zone in Nashik and a 6,000 acre SEZ in Raigad, adjacent to Mukesh Ambani's SEZ.

"The Nashik SEZ has received final approval. We are looking at tying up with a few tenants for leasing out a part of the SEZ in the next few weeks," Banga said.