Housing Development and Infrastructure

We are part of the Wadhawan Group, which was founded by the late Mr.
 Dewan 
 Kuldip Singh Wadhawan in 1973. The Wadhawan Group was founded for the
 purpose  
 of land aggregation, land management, land development and
 construction of residential, 
 commercial and retail units, townships and infrastructure. Initially,
 the Wadhawan Group 
 was also involved in the marketing of residential, commercial and
 industrial plots. In 1973 
 the first residential building named Kapil Kunj at Vasai was
 completed by the Wadhawan 
 Group. In 1978, all the projects of the Wadhawan Group came under the
 brand name of Dheeraj.
 
 As of December 31, 2006, the Wadhawan Group has developed (including
 our developments) 
 approximately 72.8 million square feet of saleable area and,
 additionally, has constructed 
 approximately 5.5 million square feet of rehabilitation area under
 slum rehabilitation schemes.
 
 Our Company was incorporated on July 25, 1996 as Housing Development
 and Improvement 
 India Private Limited, with the objective of developing large-scale
 real estate projects including 
 residential, commercial and retail projects such as shopping malls,
 multiplexes and integrated 
 townships and partnering in development of public infrastructure.
 
 Since our incorporation in 1996, we have developed and constructed 23
 projects covering 
 approximately 11.0 million square feet of saleable area, including
 approximately 5.7 million square 
 feet of land sold to other builders after Land Development, all in
 the Mumbai Metropolitan Region. 
 We also have constructed an additional 2.0 million square feet of
 rehabilitation area under slum 
 rehabilitation schemes. 
 
 Key Events and Milestones
 
 Year  Month             Key Events, Milestones and Achievements
 
 2001 January        The Mall project in Malad, Mumbai built by our
 subsidiary, Privilege Power and
                                Infrastructure Private Limited
 (earlier known as Dewan Investments Private Limited)
 2004 March            Purchase of 30 acres of land from Automobile
 Products India Limited on LBS Marg, 
                                Near Bhandup Station, Mumbai for our
 Dreams Project.
 2005 January          548 units in Dreams project on LBS Marg, Near
 Bhandup Station, Mumbai sold on
                                the first day of opening of the
 booking
 2005 March           Completion of Dheeraj Arma comprising commercial
 premises in Bandra (East),
                               Mumbai
 2005 May              Sale of FSI measuring 0.5 million sq. feet at
 Bandra Kurla Complex, Mumbai to 
                               Wadhwa Constructions.
 2005 May              Sale of FSI measuring 0.7 million sq. feet at
 Mulund, Mumbai to Nirmal Lifestyles.
 2005 August          Sale of FSI measuring 10.7 million sq. feet at
 Virar to Evershine Developers.
 2006 April              Receipt of in-principal approval by our
 subsidiary Privilege Power & Infrastructure
                               Private Limited from the Government of
 India for establishing a multi-product Special
                               Economic Zone at Vasai, District Thane,
 Maharashtra
 2006 May              MoU with the Adani Group for the sale of rights
 in land measuring 1.7 million sq. feet at
                               Bandra Kurla Complex, Mumbai
 2006 November    Receipt of in-principle approval by us from the
 Government of India for establishing a
                              Special Economic Zone for the multi
 service sector at Vasai, District Thane, Maharashtra
 
 2007
 
 -Housing Development & Infrastructure Ltd (HDIL) has entered into an
 MOU for purchase of 8.32 acres of property belonging to Kilburn
 Engineering Ltd situated at Bhandup for a total consideration of Rs
 124,70,00,000.