HDIL plans Rs 600-crore project in Hyd

Mumbai-based real estate development company, Housing Development and Infrastructure Limited (HDIL), is coming up with an integrated residential and commercial project in Hyderabad.

The project, with a total saleable area of over 9.8 million sft, will be developed in two phases over the next four years.

"We had signed an agreement with Anish Construction Co in 2006 for acquisition of 73 acres in phase I. The agreement envisages sharing of profits in the ratio of 75:25 between HDIL and Anish respectively," Josef A Pattathu, director of HDIL, told mediapersons here on Tuesday.

According to him, the total construction cost of the project is estimated at Rs 607.5 crore. "We expect the phase I of the project to be completed by 2010-11 and phase II by 2011-12," he added.

HDIL is entering the capital market on June 28, 2007, with a public issue of over 290 million equity shares of Rs 10 each through a 100 per cent book building route. The price band has been fixed at Rs 430-500 per equity share.

HDIL plans to raise around Rs 1,500 crore through its initial public offer (IPO). The issue closes on July 3, 2007.