BUZZ — Ingenia Communities falls; Citi keeps buy rating as Warburg due diligence begins

* Shares of Australia's Ingenia Communities fall as much as 1.5% to A$4.71 * Property developer on Monday granted Warburg Pincus initial due diligence access on non-exclusive basis after US private equity firm raised its takeover offer for a third time * Citi notes due diligence period could take four to eight weeks, based on prior company disclosures * Says it expects gap between Ingenia's current share price and Warburg's A$5.25-per-share proposal to narrow * Citi retains "buy" rating on Ingenia * Stock down 8.9% YTD, including session moves (Reporting by Roshan Thomas in Bengaluru) ((Roshan.Thomas@thomsonreuters.com;)