Real Estate | January 2012
HDIL may dispose Andheri land parcel
In order to reduce part of its debt, Housing Development & Infrastructure plans to sell a two-acre land parcel, which is part of a large area where it is constructing a residential project Metropolis with saleable area of 650,000 sq ft in Andheri.
As on September end, the developer’s net debt stood at Rs 3,944.78 crore with debt equity ratio of 0.4 times, the company had said in its quarterly earnings presentation.
It is learnt that the transaction with another realty developer is estimated to be over Rs 300 crore including the development rights. The company was also planning to construct around 1 million sq ft of commercial space as part of this mixed-use project. Out of the commercial projects, the company had already pre-leased around 10 percent of the space that was earmarked for retail development.