HDIL to develop rental housing land in Mumbai with MMRDA

Realty firm Housing Development & Infrastructure (HDIL) has entered into a joint venture with Mumbai Metropolitan Region Development Authority (MMRDA) for developing 525 acre under rental housing scheme at the city's sub-urban area.

Under the agreement, the company will develop about 13 million sq ft for rental space and hand it over to MMRDA and the rest nearly 39 million sq ft space would be available to the company for sale.

MMRDA is a state government agency and is responsible for planning the metropolitan area development of Mumbai City, as well as the urban area on the mainland.