mumbai indiabulls real estate has received planning permission from westminster city council for redevelopment of its london property on tuesday westminster city council on october 20 2015 has approved the planning permission for redevelopment of 22 hanover square which is being developed by a wholly owned subsidiary of the company the developer said in a regulatory filing on bombay stock exchange last year indiabulls acquired 2223 hanover square in central london a commercial property in a closely contested auction from scottish widows investment partnership which is now part of aberdeen asset management the indian developer which bid 155 million pounds more than rs 1500 crore for the asset financed the transaction through internal accruals in may indiabulls real estate had submitted a planning application to the westminster city council for a project comprising 41 residential apartments covering 80000 sq t a 51room hotel and 4500 sq ft of retail space facing the hanover square on october 14 et had reported that the company is looking for a strategic partner for the london property it acquired last year the real estate developer is in talks with private equity pe firms sovereign funds and family offices to sell a 40 stake in the project in the mayfair locality of central london for around rs 1000 crore as part of change of policy from september 2015 westminster city council will not allow change of use from office to residential unless in exceptional circumstances on this basis the planning permission at 22 hanover square is very valuable being the last remaining major residential scheme approved in mayfair and londons west end the company said separately the company also reported net profit of rs 75 crore for the quarter ended september aided by sale of investments against rs 3734 crore a year ago total income for the quarter declined to rs 60573 crore from rs 74479 crore during the quarter the company recorded gains of rs 5134 crore from sale of investments