Promoters of Akruti City, a Mumbai-based developer, today redeemed 2.32 per cent of their stake pledged with Indiabulls Financial Services (IBFSL) by paying back the due debt.

Akruti, which is implementing slum redevelopment projects in Mumbai, on January 6, redeemed 3.65 per cent of promoter’s stake, which was pledged with IBFSL.

The company is currently implementing affordable housing projects in the Mira Road and Thane suburbs of Mumbai. Akruti has a land bank of 45.2 million square feet, primarily comprising 15 million square feet of residential and another 15 million square feet of special economic zone development.

The management is making efforts to gradually focus on emerging opportunities like bus depot development and bio-tech parks with established players.

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