HDIL to launch 100-acre township in Noida

Mumbai-based real estate firm Housing Development and Infrastructure Ltd (HDIL) will build a 100 acre township in Noida, on the outskirts of Delhi -- its first project away from its home turf. The project is crucial for the developer which hasn't launched a single project since last April and requires the much-needed cash flow from fresh projects, reports Mint. Hari Prakash Pandey, vice-president, finance and investor relations, HDIL, said the Noida project will kick off in the next 8-10 days, as the firm has secured the required approvals. “The project format has a villa kind of feel, and both plots and villas will be sold.” In recent times, the company has also spoken about divesting some assets outside Mumbai to exit so-called non-core assets, something that large developers such as DLF Ltd have done. It owns about 170 acres in and around Kochi and another 100 acres in Hyderabad, the report added. Pandey also said HDIL will soon launch a residential project in Mumbai's Ghatkopar suburb, following the launch of a project last year in the suburb of Mulund. The Ghatkopar project, which will generate almost 0.8 million sq ft of saleable area, was delayed on account of approvals.

source: http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=20160&cat_id=1