Indiabulls Real Estate, one of the largest listed real estate companies in India, on Friday announced that it has bagged an order worth Rs 1,376 crore for the Mantralaya makeover project, which is scheduled to be finished in the next 3-5 years.

This project includes renovation of Mantralaya and houses of Ministers in Mumbai. Indiabulls projects to reconstruct the main building of Mantralaya, the administrative building and about 50 bungalows, which presently house judges and ministers. The real estate major also plans to construct path for few iconic buildings of 7-star category.

The company would get 4 acres of land on long-term rent basis instead of the Rs 1,376 crore redevelopment cost from the State government. Indiabulls has not yet decided that what type of project the company would build in that land.

According to the company, the redevelopment project would take time to begin and now Indiabulls would not tie-up with any other developer for redeveloping the project.

Shares of Indiabulls Real Estate, on Friday, closed at Rs 255.60, up 9.02% or Rs 21.15. The total quantity of shares traded was 5,065,265 on the BSE.