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| Edited By: Pooja Sarkar |Source: DNA |Updated: Mar 17, 2018, 04:53 AM IST
Mumbai-based realtor Housing Development and Infrastructure Ltd (HDIL), as part of its Mumbai International Airport Pvt Ltd (MIAL) rehabilitation project, has acquired a 11-acre parcel at Mahul in Mumbai for Rs 150 crore. It will put up the industrial unit rehabilitation component there.
HDIL will start constructing the rehabilitation component on other land parcels and plans to build for 40,000 families by the end of this year. It has already identified land for the phase II, which includes Bombay Oxygen property at Mulund, Car Bazaar at Andheri East and Mahul. It has outstanding land repayments of Rs 320-odd crore of the Rs 600 crore in the previous quarter.
The firm has also acquired a 5-acre land parcel at Greater Noida under its leisure segment for Rs 75 crore to build a 5-star hotel in next 3-4 years. It had earlier acquired a land parcel at Juhu in Mumbai to build a high-end hotel property.
It is also slated to add 10 more multiplexes and aims to be the largest multiplex player in the city. It is also putting up a 4-screen multiplex in Kolkata this year and is focussing on pan India presence. The company has turned cash flow positive this quarter.
HDIL, which is the biggest TDR player in Mumbai, has booked 70% of the revenues this quarter through it and have sold 1.1 msft. The average price they sold TDR in the first quarter was Rs 2,950 per sft.
Hari Prakash Pandey, vice president- finance and investor relations, told analysts in a conference call, “Prices have moved up by 10% as compared to last quarter at more than Rs 3,000 per sft. Even in Virar and Vasai region we are selling floor space index (FSI) at Rs 650-700 per sft with a margin of more than 65%.”
Sales of FSI booked 30% of the company’s turnover. It is targeting sales of 3-5 msft in Vasai-Virar belt every year going forward. The present land bank of the company increased to 220.86 msft as it added 30 msft under the rental housing scheme at Virar.
The company is also seeking approval for $650 million fund raising campaign. It is also issuing 2.6 crore shares to the promoters, which would infuse another Rs 700 crore in the company in another 18 months, thus taking the promoter holding to 47% from the present 43%.
