Heard on the Street: HDIL up 13% on land sale talk
Housing Development & Infrastructure jumped over 13% amid talk that the developer is close to selling a two-acre land parcel in Andheri, a Mumbai suburb.
By Kailash Babar, ET Bureau | Updated:
Housing Development & Infrastructure (HDIL) jumped over 13% on Wednesday amid talk that the developer is close to selling a two-acre land parcel in Andheri, a Mumbai suburb.
The deal with another realty developer is estimated to be over Rs 300 crore including the development rights, sources said. HDIL declined to comment. This plot is part of a large parcel on which HDIL is constructing a residential project Metropolis with saleable area of 650,000 sq ft.
HDIL was also planning to construct around one million sq ft of commercial space as part of this project. Realty industry experts say the move to sell part of this land parcel is aimed reducing HDIL’s debt burden.
As on September end, the developer’s net debt stood at Rs 3,944.78 crore.
(Contributed by Kailash Babar)
The deal with another realty developer is estimated to be over Rs 300 crore including the development rights, sources said. HDIL declined to comment. This plot is part of a large parcel on which HDIL is constructing a residential project Metropolis with saleable area of 650,000 sq ft.
HDIL was also planning to construct around one million sq ft of commercial space as part of this project. Realty industry experts say the move to sell part of this land parcel is aimed reducing HDIL’s debt burden.
As on September end, the developer’s net debt stood at Rs 3,944.78 crore.
(Contributed by Kailash Babar)
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