HDIL makes Rs 800 cr land sale to clear debt

Realty developer Housing Development and Infrastructure Ltd (HDIL) is learnt to have sold 10 million sq ft of land for approximately Rs 800 crore in Virar to repay a debt of Rs 3,300 crore. It owns about 70 million sq ft at Virar. Approximately 5 million sq ft was snapped up by three developers for about Rs 450 crore. Ashok Mohanani-led Ekta Housing Pvt Ltd purchased 2million sq ft (built-up area 18 lakh sq ft) for approximately Rs 200 crore, Vinay Unique bought 1.5 million sq ft for nearly Rs 150 crore while Bhoomi acquired a million sq ft for approximately Rs 100 crore. The rest has been picked up by three to four other developers for Rs 350 crore. 
HDIL managing director Sarang Wadhawan and vicepresident (finance) Hari Prakash Pandey refused to comment on the sale. The developer is close to selling a two-acre land parcel at Andheri for an estimated Rs 300 crore, sources said. This plot of land is part of a large parcel on which HDIL is constructing a residential project, Metropolis.