Listed real estate player Housing Development and Infrastructure Ltd (HDIL) has sold a land parcel in Kurla, a Mumbai suburb, to DK Realtors for ₹649 crore.
Sources close to the development said the company has sold the four-acre plot to the Dheeraj Realty subsidiary, which is planning a residential project there.
Sources in Dheeraj Realty said that the residential project will have 8 lakh sq.ft of saleable space.
HDIL’s Vice-Chairman and MD Sarang Wadhawan had earlier said the company was looking to pare debt by 15 per cent by selling its non-core assets. Its debt as on September 30 stood at ₹2,908.11 crore.
Non-core assets “We are looking to achieve debt reduction by largely selling non-core assets. We have put land banks outside Mumbai for sale. And, we hope to close some transactions in Mumbai soon,” Wadhawan had said.
The company had also spoken of plans to sell land parcels in Vadodara and Hyderabad as part of the strategy.
The company is investing about ₹150 crore in the first phase of its upcoming affordable housing project at Virar in Mumbai. The project is spread over 550 acres.
The real estate company had reported a 7 per cent decline in its consolidated net profit to ₹57.79 crore for the quarter ended September.