HDIL to enter south Mumbai market by March
PTI | 05:08 PM,Aug 27,2010HDIL, whose shareholders cleared a proposal to raise USD 650-million through instruments like QIP or FCCBs, will give a greater thrust to constructing rental housing schemes in the Mumbai metropolitan region which gives it a higher transfer of development rights (TDRs) that are sold in the open market. In the next two quarters, HDIL will be launching projects on its already-owned land parcels at Kalyan and Panvel, totalling over 14-million square feet, he said. To a query on the tussle with cigarette maker Golden Tobacco over the control of a 5.5-acre land parcel in suburban Marol, Sarang Wadhawan said, "our Memorandum of Understanding still stands...we will either be seeking back the Rs 5-crore consideration we have already paid them or taking legal recourse to take over the land plot." Wadhawan said HDIL had signed an MoU with GTC for the land 6-8 months ago and agreed to pay Rs 70-crore. In the meantime, an appellate tribunal ruled asking for a status quo on the land due to which HDIL did not go ahead with executing the deal, he said.
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