HDIL to raise Rs 1,800 crore through sales of land parcels

In a bid to partly repay its debt by around Rs 600-700 crore in FY15, Housing Development and Infrastructure (HDIL) is planning to raise up to Rs 1,800 crore this fiscal by selling stakes in some of its assets. The company is planning to monetize its assets where it has around 40-45% stake in joint venture projects. The company is planning to put its 100-acre land parcel at Kukatpally in Hyderabad on block as this market has witnessed a revival in the last one month. Moreover, the company will also sell off some of its commercial projects in Mumbai this fiscal. HDIL is a real estate development company. Its business activity comprises of construction and development of residential projects, commercial, retail and slum rehabilitation projects. It is also engaged in construction of special economic zone (SEZ).