Mumbai-based real estate developer Housing Development & Infrastructure Ltd (HDIL) has entered into a joint venture with Mumbai Metropolitan Region Development Authority (MMRDA) for the development of 525 acre of land under rental housing scheme at Virar, the company informed Bombay Stock Exchange (BSE) today.
Under this arrangement the company will develop approximately 13 million sq ft for rental space and hand it over to MMRDA free of cost while the remaining 39 million of sq ft space will be available to the company for free sale.
At 10.45 am, the company’s share price at the BSE was trading at Rs 305.30, down 0.62 per cent from the previous close.
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