HDIL’s land in Bangalore will be sold to Godrej Properties
Godrej properties is planning to acquire 14 acre land in Bangalore from Housing Development and Infrastructure Ltd. The cost of the property is estimated at Rs 100 crore.
According to sources, the Godrej Property may pay up to Rs 105 crore in case if HDIL obtains all permissions for construction on the land.
HDIL plans to reduce its debt burden by sale of land. At present the debt amount has been increased to Rs 4000 crore.
Earlier in March, HDIL sold 2 acre plot in Mumbai to Adani Enterprises for Rs 900 Crore to repay its debt.
Godrej Properties has already developed many real estate projects in Mumbai, Pune, Bangalore and Kolkata.
Before these two deal, HDIL also sold 5 million sq ft of land in Virar to raise upto Rs 650 Crore last year.
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Source: Deal Curry
