Housing Development & Infrastructure (HDIL) share price advanced as much as 5.61 per cent in the early trade on Tuesday after the real estate major informed BSE that it has sold development rights on its land parcel at Mumbai’s Kurla to DK Realty (India) for Rs 649.51 crore.
At 10.07 am, HDIL shares were trading 4.62 per cent up at Rs 73.60. The scrip opened at Rs 73 and had touched a high and low of Rs 74.30 and Rs 72.60, respectively, in trade so far.
The share price of HDIL settled 3.70 per cent up at Rs 72.95.
“HDIL has registered a development agreement with DK Realty (India) to sell the development rights in respect of the piece and parcel of land situated at Kurla for a consideration of Rs 649.51 crore,” the company said in a filing to the BSE.
HDIL has several projects in the Mumbai metropolitan region and has developed over 100 million sqft area of commercial, residential and retail space.
The company has a land reserve of 243.99 million sqft as on March 31 and has around 40,00,000 sqft of TDR (Transfer of Development Rights).
The share price of HDIL gained 5.16 per cent in the past one year till December 21, as compared with 7.10 per cent fall registered by the BSE Sensex during the same period.