Dated: 01 July 2007
Housing Development and Infrastructure (HDIL), part of the Wadhwan group (formally known as the Dheeraj group), develops real estate mainly in the Mumbai Metropolitan Region. Since its incorporation in 1996, the company has developed 23 projects covering approximately 11 million square feet of saleable area, including about 5.7 million square feet of land sold to other builders after the development. It also have constructed an additional two million square feet of rehabilitation housing area under the slum rehabilitation schemes. Dewan Housing Finance Corporation, a listed company is part of the promoter group. To fund acquisition of land or land development rights for its ongoing and planned projects and construction of its ongoing and planned projects, and to meet general corporate purposes, HDIL is coming out with an IPO.The price band is Rs 430- Rs 500 The issue opens on 28 June and closes on 3 July 2007. Strengths HDIL has land reserves of approximately 112.1 million square feet of saleable area to be developed through 32 ongoing or planned projects. The company has 21 ongoing projects under construction and development, aggregating to approximately 45.5 million square feet of saleable area, and has 11 planned projects aggregating approximately 66.6 million square feet of saleable area. Of the land reserves, about 73.4% is actually owned by the company; and 15.7% of it is to be acquired under memoranda of understanding (MoU) and agreements. But these MoUs do not have any revocation clauses. Another 10.9% of the land reserve is under joint venture with partners. The execution, however, rests with HDIL. Has received in-principle approval from the Ministry of Commerce and Industry to develop, operate and maintain multi-services special economic zones (SEZs) in its name. However, given the uncertainty in SEZ regulations, HDIL has still not decided whether it would develop them on its own or in collaboration with others.
Housing Development and Infrastructure (HDIL), part of the Wadhwan group (formally known as the Dheeraj group), develops real estate mainly in the Mumbai Metropolitan Region. Since its incorporation in 1996, the company has developed 23 projects covering approximately 11 million square feet of saleable area, including about 5.7 million square feet of land sold to other builders after the development. It also have constructed an additional two million square feet of rehabilitation housing area under the slum rehabilitation schemes. Dewan Housing Finance Corporation, a listed company is part of the promoter group. To fund acquisition of land or land development rights for its ongoing and planned projects and construction of its ongoing and planned projects, and to meet general corporate purposes, HDIL is coming out with an IPO.The price band is Rs 430- Rs 500 The issue opens on 28 June and closes on 3 July 2007. Strengths HDIL has land reserves of approximately 112.1 million square feet of saleable area to be developed through 32 ongoing or planned projects. The company has 21 ongoing projects under construction and development, aggregating to approximately 45.5 million square feet of saleable area, and has 11 planned projects aggregating approximately 66.6 million square feet of saleable area. Of the land reserves, about 73.4% is actually owned by the company; and 15.7% of it is to be acquired under memoranda of understanding (MoU) and agreements. But these MoUs do not have any revocation clauses. Another 10.9% of the land reserve is under joint venture with partners. The execution, however, rests with HDIL. Has received in-principle approval from the Ministry of Commerce and Industry to develop, operate and maintain multi-services special economic zones (SEZs) in its name. However, given the uncertainty in SEZ regulations, HDIL has still not decided whether it would develop them on its own or in collaboration with others.