Realty major Housing Development and Infrastructure (HDIL), a leading player in suburban Mumbai, today said it has firmed-up plans to enter the lucrative south Mumbai market by launching up to five projects there by March next.
The company will kick-off with the development of its 6,000 sq metre plot at Worli in the next few months, its Managing Director Sarang Wadhawan told reporters here.
HDIL has lined up up to five projects in South Mumbai with 8-10-million square feet of built-up space for launch by March, Wadhawan said.
Besides this, the company is also close to sealing a couple of redevelopment projects, he said.
South Mumbai has seen a greater focus from realty players like the Lodha Group and D B Realty, especially in the residential segment which is considered very lucrative.
Unlike its peers, HDIL will restrict itself to constructing 40-50-floor structures, its Chairman, Rakesh Kumar Wadhawan, told shareholders at its annual general meeting here today.
"Constructing a 70 or 80-floor tower is good...But it takes nearly seven-years to execute such a project. We cannot lock our money for so long and would be happy to do 40-50- floors which take three-years," the company's chairman said.
