HDIL to Repay One-Fifth of its Debt
Housing Development and Infrastructure Ltd (HDIL) is a public listed real estate company in India with shares traded on the BSE & NSE Stock Exchanges. HDIL group has completed more than 100 million sq.ft of construction in all verticals of real estate and has rehabilitated around 30,000 families in last one decade. HDIL aims to repay at least one-fifth of its debt this financial year and is preparing to launch projects at lower-than-market prices to boost sales.
India’s third-largest developer has set an internal target to repay Rs.800-1,000 crore of debt by March, said Hari Prakash Pandey, vice-president, finance and investor relations. However, some of the developers in Mumbai have delayed announcing new projects, HDIL?plans to launch three-four residential developments, of 8-10 million sq. ft in total, in and around the city at prices that are below market rates to attract buyers.
HDIL will soon launch a residential building in Ghatkopar at Rs.7, 500-10,000 per sq. ft. The present minimum market rate in the Mumbai suburb is Rs.10, 000 a sq. ft. Pandey indicated a large portion of the debt repayment will be through internal accruals from sales of residential buildings and development rights.
Debt payment, Development Rights, HDIL, Market rates, Mumbai suburb, Realty News, Residential buildings
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