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HOUSING DEVELOPMENT and INFRASTRUCTURE LTD. - Clarification from Housing Development and Infrastructure Ltd (HDIL)
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30 May 2014
The Exchange had sought clarification from Housing Development and Infrastructure Ltd with respect to the news appeared in the media that, &quot;HDIL to sell land in Mumbai, Hyderabad&quot;.&lt;br/&gt;&lt;br/&gt;Housing Development and Infrastructure Ltd has replied as under:&lt;br/&gt;&lt;br/&gt;&quot;Housing Development and Infrastructure Limited (&quot;HDIL&quot; or &quot;the Company&quot;) is into Real Estate business and hence, the Company purchases / sells lands, Transfer Development Rights (&quot;TDR&quot;), Floor Space Index(&quot;FSI&quot;) etc,&lt;br/&gt; &lt;br/&gt;In order to carry out its Real Estate business, HDIL repeatedly enters into Joint Venture projects with various entities and the same is a part and parcel of the Company&apos;s Principal Business. Repayment of Debt by virtue of sale of Asset is a general practice, irrespective of the amount and the Company being into Real Estate has its lands/TDR/FSI as its assets.&lt;br/&gt; &lt;br/&gt;We have never mentioned that, we are selling land in Mumbai and in Hyderabad. No transaction or agreements have been entered into which need to be disclosed to Stock Exchanges pursuant to Clause 36 of the Listing Agreement. Sufficient disclosures and information have been provided to the Stock Exchanges on regular basis and in timely manner.&quot;
View all announcements for HOUSING DEVELOPMENT and INFRASTRUCTURE LTD. Source: BSE India