To focus on housing over TDRs, for next few quarters: HDIL

Real estate builder and developer Housing Development and Infrastructure (HDIL) is all set to shift its focus towards the housing projects over the Transfer of Development Rights (TDRs) market for the forthcoming quarter, says vice chairman and managing director, Sarang Wadhawan.

In an interview to CNBC-TV18, Wadhawan says that the realty firm sold its major TDRs from phase I of airport project and more TDRs will be generated post phase II of airport sale. Talking about the TDR market, which has always remained quite weak, he says, "We expect TDR rates to be stable at Rs 2,500-2,800/sq ft." Further, he also expects the company's debt to reduce by 10-15% in this year. Below is an edited transcript of Sarang Wadhawan's exclusive interview to CNBC-TV18. Also watch the accompanying video. Q: Do you see a pick up in the TDR market, anytime soon or do you expect this to be the state of affairs for sometime longer? A: I think the TDR rates are going to continue where they are. They are currently between Rs 2,500-2,800 per square feet. The weakness is not coming from any major policy change. The 0.33 was expected, the Government of Maharashtra did have to amend the Monopololies and Restrictive Trade Practice (MRTP) together, 0.33 FSI. But having said that, the TDR demands of 0.67 component still remains very strong and people who were postponing the purchase of TDR have now come into the market. So, I still think that TDR prices are going to continue to remain buoyant. I think they will continue at these levels for sometime till that demand for 0.67 goes out. I think it