Rule 2.10 Announcement

RNS Number:3424P
Indiabulls Real Estate Limited
04 March 2008


                         INDIABULLS REAL ESTATE LIMITED

                              Rule 2.10 Disclosure

In accordance with Rule 2.10 of the City Code on Takeovers and Mergers (the "
City Code"), Indiabulls Real Estate Limited ("IBREL") confirms that as at the
close of business on 29 February 2008 it had 240,835,066 ordinary shares of 2Rs
each in issue. The International Securities Identification Number (ISIN) for
IBREL's ordinary shares is INE069I01010.

The ISINs for the IBREL global depositary receipts listed on the official list
of the Luxembourg Stock Exchange and admitted to trading on the EURO MTF Market
of the Luxembourg Stock Exchange (each representing one ordinary share of 2Rs
each in IBREL) are US45409E4089, US45409E1010, US45409E3099, and US45409E2000.

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India becomes effective or lapses or is otherwise withdrawn or on which the "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



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