Indicating the deceleration in the real estate market, two of the five plots,

Era Infra Engineering Ltd has announced that the company has bagged a contract worth Rs 86.5 crore from M/s. Central Park Estates Pvt. Limited for the work of construction & development of Central Park — II at Sector 48, Sohna Road, Gurgaon.

The project is scheduled to be completed by March 2010.

New-Delhi headquartered, Era Infra operates as an integrated infrastructure construction company in India. It develops and constructs highways, railways, airports, power and industrial projects, institutions and universities, and residential and commercial complexes.

Indiabulls Real Estate (IBREL) has decided to buy majority stake in the London-listed property fund Dev Property Developers (DPD) to gain majority control over two of its valued properties in Mumbai.

IBREL has acquired more than 90% in Dev for about Rs 1,100 crore. The stake has been purchased from the three major shareowners of Dev Property, which includes Fidelity, Government of Singapore and HSBC.