HDIL to buy Kilburn Engineering Property

Housing Development & Infrastructure (HDIL) announced on Monday that it entered into an MoU for purchase of 8.32 acres of property belonging to Kilburn Engineering situated at Bhandup for a total consideration of Rs 1,247 million. Subject to necessary approvals, the transaction will be effected in stages over a period of time.

HDIL is engaged in real estate development in India with significant operations in Mumbai. Since its incorporation in 1996, the company has developed 24 projects covering nearly 11.3 million sq. ft. of saleable area, including 5.7 million sq. ft. of land sold to other builders after land development, primarily in the Mumbai.