"The tenement limit has been increased to 270 sq ft from 225 sq ft. As the size of the tenement has gone up, the transfer of development rights will increase accordingly by about 20 per cent more," said HDIL Managing Director Sarang Wadhawan.
According to HDIL, of the 276 acres, 180 acres would be used for airport development and 96 acres for commercial development. HDIL will take 4 and half years to complete the entire slum rehabilitation. Some of the slum dwellers will be moved to to a 50 acre plot at Gorai and Malwni, located close to Malad.
According to the ongoing survey, there are about 85,000 families to be rehabilitated on the 276 acres of airport land.
The HDIL stock spurted to Rs 846, up 9.59 per cent from Rs 772 a share on news that the realty major had received approval for the airport slum rehabilitation project.
The stock touched a high of Rs 860.7 a share and a low of Rs 772 a share in intraday trades.
