Housing Development and Infrastructure (HDIL), a Mumbai-based real estate company, has put up nearly 5 million square feet of land parcels for sale which is located at Virar near Mumbai. The real estate company expects to raise Rs 650 crore through the sale in the next few weeks. Local developer, Vinay Unique Construction has purchased 1 million square feet at the rate of Rs 1,250 per square feet out of the 5 million square feet put up for sale buy HDIL.
HDIL is in process of mobilizing funds to repay its debt for which the whole exercise is been carried out by the company. Over the period of 15-18 months, the company plans to sell around 15-20 million square feet of floor space index from its land bank located at Vasai-Virar on the outskirts of 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).