In a setback for HDIL, Maharashtra Housing and Area Development Authority (MHADA) has accused its subsidiary - Guruashish Construction of a Rs 1,200 crore fraud. In an interview with CNBc-TV18, Sarang Wadhawan, Vice Chairman & Managing Director of HDIL spoke about the latest happenings in his company and sector.
HDIL has been reeling under pressure as the National Company Law Tribunal (NCLT) has initiated proceedings against its subsidiary. In an interview to CNBC-TV18 Sarang Wadhawan, VC & MD of the company shared his views on the same.
In an interview to CNBC-TV18, Hariprakash Pandey, VP-Finance at HDIL spoke about the results and his outlook for the company.
In an interview to CNBC-TV18, Hariprakash Pandey, VP-Finance at Housing Development and Infrastructure (HDIL) spoke at length about RERA.
Realty firm HDIL reported 84 percent decline in its consolidated net profit at Rs 16.22 crore for the quarter ended December on lower sales. â€œPre-sales of HDIL in the third quarter were significantly lower and we have seen at least 45-50 percent decline in pre-sales,â€ said Hariprakash Pandey, company‘s VP-Finance.
Sarang Wadhawan, vice chairman and managing director, HDIL, says the first phase of the affordable housing project will be to develop five million square feet area.
According to Sarang Wadhawan, vice-chairman and managing director of HDIL, builders are likely to pass through the complete increase.
Mumbai-based HDIL has put up a 113 acre industrial plot for sale, the company said in statement today. Speaking to CNBC-TV18, VP Finance Hariprakash Pandey said proceeds from the sale would be used to pare debt.
The Brihanmumbai Municipal Corporation (BMC, in its 20 year development plan, increased the FSI to a maximum of 8. FSI is the ratio of the permissible built-up area to the plot area and was 1.33 for Mumbai city and 1 for the suburbs.
HDIL plans to sell its Planet HDIL Project in Virar at Rs 4500-5000 per square feet, adding that the project will not affect the company‘s debt position
Sarang Wadhawan, vice-chairman and managing director of HDIL says the overall sentiment among investors has improved. He adds that volumes of residential projects is seeing improvement.
"Our Andheri projects will be completed soon and we expect to achieve realisation of Rs 300 crore," Sarang Wadhawan, Vice Chairman & MD, HDIL said.
The shares of HDIL surged over 4 percent on the news of promoters revoking all pledged equity shares with IL&FS Trust Co.
Sarang Wadhawan, vice chairman & managing director, HDIL says Mumbai realty's ticket size will be in the Rs 1.2-1.5 crore range.
HDIL's Hariprakash Pandey says the company is on track to reduce its debt by 12-15 percent by FY14.
HDIL has about 1 million square feet of land under TDR (transfer of development rights). The ongoing projects which were part of the airport scheme will not get affected, according to the company.
Bank of India has a loan exposure to HDIL. However, N Seshadri, ED, Bank of India told CNBC-TV18 that their exposure is very limited and it is not concerning.
Kapil Wadhwan, MD, Dewan Housing Finance Corporation clarifies on CNBC-TV18 that his company severed all links, including cross-ownerships, directorships, intercorporate loans and joint holdings, with HDIL since 2009.
"We are aiming at debt reduction; this move was primarily to fund the land acquisition we had entered into about a year back," Wadhwan explained to CNBC-TV18.
In an interview with CNBC-TV18, Sarang Wadhawan, VC & MD, HDIL said that they have not managed to do a great deal with the Transfer of Development Right (TDR) sales largely due to the lack of clarity about development control regulations (DCR). The company is expecting TDR sales to pick up from the next quarter.
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.
Days after Competition Commission of India (CCI) struck a blow of Rs 630-crore penalty on real estate major DLF, rival company HDIL stands by the industry, specifying that everything is in black and white.
Apparently, the MMRDA has started moving slum based families away for the Mumbai airport rehabilitation project to the Kurla facility. Sarang Wadhawan, MD, HDIL said it’s a big positive development for the company.