In an interview to CNBC-TV18, Param Desai of Nirmal Bang Institutional Equities shared his reading and outlook on real estate space and particularly HDIL. At Nirmal Bang, their top picks from the realty space are Prestige Estates and DLF, he asserts
Although the management of Mumbai-based realty developer Housing Development Infrastructure (HDIL) refuted claims of bankruptcy, which was born after promoters sold 1 percent stake in open market, the damage done to the stock was too harsh to recover.
"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.
Shares in Housing Development & Infrastructure Ltd (HDIL) fell as much as 15.8 percent on Wednesday after Vice Chairman and Managing Director Sarang Wadhawan sold a partial stake in the company.
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.
Realty player Housing Development and Infrastructure (HDIL) has declared its third quarter results. Sarang Wadhawan, vice chairman and managing director of HDIL says, the debt is likely to be reduced by 20-25% in Q4FY12.