Valuation drop, legal complications likely to hit HDIL's sale prospects

Suitors may prefer individual projects while bidding

Real estate major HDIL may find good offers hard to come by, given the slump in the real estate sector, litigation woes, and arrest of its promoters.

The Mumbai-based firm had earlier attracted attention from top players like Adani Properties, SunTeck Realty, and Suraksha Asset Reconstruction Company (owned by the Dilip Shanghvi family).

However, the entity is now in a legal quagmire because most of its projects are either hypothecated to DHFL or PMC Bank, both of which are in financial crisis themselves. It was the HDIL scam that caused PMC Bank’s downfall.

The HDIL group has several realty projects