Housing Development and Infrastructure (HDIL), a Mumbai-based real estate company, is in close stage of selling nearly two acres land parcel in Andheri suburb of Mumbai. The deal which will include developmental rights is expected to fetch HDIL over Rs 300 crore and will be transacted with another realty developer.
The above plot is part of a large parcel on which HDIL is constructing a residential project Metropolis with saleable area of 650,000 square feet. The company was also planning to construct around one million square feet of commercial space as part of this mixed-use project. Out of the commercial projects, the company had already pre-leased around 10% of the space that was earmarked for retail development.
The company has taken this step with an aim to reduce its debt burden. The developer's net debt stood at Rs 3,944.78 crore till end of September with debt equity ratio of 0.4 times.
HDIL is a real estate development company. Its business activity comprises of construction and development of residential projects, commercial, retail and slum rehabilitation projects. It is also engaged in construction of special economic zone (SEZ).
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