Indiabulls Real Estate on Sunday announced that it had purchased back the entire stake of US-based Farallon Capital's reality subsidiary FIM in seven joint ventures for Rs 1,172 crore.

FIM exited the seven the seven Indiabulls JVs with an impressive gain of 42 per cent in six years.

The American reality giant had acquired 49 per cent equity stake in JVs in question in the year 2007 with an investment of Rs 847 crore.

The JVs that FIM existed are currently developing residential properties in various parts of the country, including nearly 120 acres in Gurgaon, 15 acres in Chennai and 160 acres in the National Capital Region (NCR).

Ajit Mittal, director of Indiabulls Group, said, "Indiabulls believes in long-term partnerships and is delighted that our partner Farallon. has been able to generate good returns in an extremely volatile economic environment."

Even after exiting seven JVs, FIL holds equity stakes a number of other JVs with Indiabulls. The American reality giant's remaining stake in JVs with the Indian company is worth around Rs 3,300 crore. Indiabulls Real Estate has a net worth of slightly more than Rs 6,800 crore.