HDIL to sell two acres land for Rs 300 crore
Housing Development & Infrastructure Ltd (HDIL), a renowned real estate developer is to sell a two acres plot in Andheri, Mumbai.
The deal has been stuck at around Rs 300 crore between HDIL and another real estate group.
This plot was already a part of the land on which its residential project Metropolis was being built with an area of 650,000 sq ft.
The group also had plans of constructing a commercial space of 1 million sq ft on the same land parcel.
As per the experts, the main motive to sell its part of the land is to reduce the debt burden on it. The net debt on the developer was of Rs 3,944.78 crore in September 2011.
Source: The Economic Times
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