HDIL to sell 5 million square feet land near Mumbai

MUMBAI: Realty developer Housing Development and Infrastructure has put nearly 5 million sq ft of land parcels at Virar near Mumbai on the block, people familiar with the plans said.

The developer expects to raise Rs 650 crore through the sale in the next few weeks to repay its debt. Out of the 5 million sq ft, local developer Vinay Unique Construction has bought 1 million sq ft from HDIL at Rs 1,250 per sq ft. HDIL and Vinay Unique declined comment.

In a bid to mobilise funds and repay debt, the company plans to sell 15-20 million sq ft of floor space index from its land bank in Vasai-Virar on the outskirts of Mumbai over the next 15-18 months.