In a bid to improve cash-flows and cut debt, Housing Development & Infrastructure (HDIL) is in talks to sell about 200 acres of land parcels in Baroda and Hyderabad as part of its strategy to offload non-core assets. The Mumbai-based developer is targeting to reduce its net debt by 15 per cent in this fiscal to below Rs 2,500 crore.
Further, the company is planning to sell 70 acres of land in Kochi when market conditions in the southern city improve as the company wants to concentrate on real estate market in and around Mumbai.
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).
