The Mumbai-based real estate developer, Housing Development and Infrastructure Ltd (HDIL), has obtained land for developing the remaining part of the Mumbai International Airport Ltd (MIAL) project.
HDIL has largely accomplished the first phase of the MIAL project; however the relocation of slum dwellers could take time due of water supply issues. For the phase two, the developer will use the 10-acre Bombay Oxygen land parcel plus Popular Car Bazaar land. In recent times, the developer purchased 60-80 acres for rehabilitation of slum dwellers.
HDIL has a target of transfer of development rights (TDR) sales of 5-6 million square feet in the running fiscal year, which is lower than its last fiscal TDR sales of 6.5 million square feet. In volume, TDR sales are expected to remain lower, but in value TDR sales are expected to outshine last year sales owing to higher values
Previous fiscal, HDIL sold TDR at an average rate of Rs 2,100 per square feet, but the real estate developer now expects the TDR prices to jump by around 10 per cent as Bombay High Court has ruled out the state government’s directive that proposed increase in floor space index (FSI). The company is expected to generate Rs 1,250 crore from TDR sales, cash inflow of Rs 1,200 crore from its old projects and Rs 500 crore from new projects.
The total cost of land for the Mumbai International Airport Ltd (MIAL) project has been estimated at around Rs 4,000 crore.
HDIL is also mulling over plans to begin the Mumbai Metropolitan Regional Development Authority rental housing project in Vasai-Virar within coming 6-8 months with an initial investment of around Rs 450 crore.
HDIL has largely accomplished the first phase of the MIAL project; however the relocation of slum dwellers could take time due of water supply issues. For the phase two, the developer will use the 10-acre Bombay Oxygen land parcel plus Popular Car Bazaar land. In recent times, the developer purchased 60-80 acres for rehabilitation of slum dwellers.
HDIL has a target of transfer of development rights (TDR) sales of 5-6 million square feet in the running fiscal year, which is lower than its last fiscal TDR sales of 6.5 million square feet. In volume, TDR sales are expected to remain lower, but in value TDR sales are expected to outshine last year sales owing to higher values
Previous fiscal, HDIL sold TDR at an average rate of Rs 2,100 per square feet, but the real estate developer now expects the TDR prices to jump by around 10 per cent as Bombay High Court has ruled out the state government’s directive that proposed increase in floor space index (FSI). The company is expected to generate Rs 1,250 crore from TDR sales, cash inflow of Rs 1,200 crore from its old projects and Rs 500 crore from new projects.
The total cost of land for the Mumbai International Airport Ltd (MIAL) project has been estimated at around Rs 4,000 crore.
HDIL is also mulling over plans to begin the Mumbai Metropolitan Regional Development Authority rental housing project in Vasai-Virar within coming 6-8 months with an initial investment of around Rs 450 crore.
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